Australian property developer, Third.i, has revealed that it has officially broken ground on its second London development, Graphite Square in Vauxhall, which has a GDV (gross development value) of £200 million.
Construction began on Monday June 20 for the scheme which is located mere moments from the River Thames via a ground-breaking ceremony. In attendance was senior Third.i team members from Australia and Councillor Isla Wrathmell from Lambert Council.
Ron Dadd, co-founder of Third.i, commented: “We’re very excited that construction is now underway at Graphite Square, bringing our vision to life. I am personally looking forward to seeing work progress over the coming months, before creating a community here with tenants and homeowners alike.”
He added: “Already we have sold over half of the properties as investors and owner-occupiers appreciate the aspirational design, dedicated work from home space, security, the fantastic location and value of investing in Vauxhall which is in the middle of central London’s largest regeneration project.”
Gareth Hardy, development director of UK at Third.i, added: “These beautifully designed homes will offer residents excellent transport options with bus, rail, and tube as well as local amenities all on the doorstep, alongside plenty of green spaces–offering the best of both worlds.”
He also stated that once they’ve officially launched later this year, he expects this high demand to continue, particularly from local buyers.
Hardy concluded: “Already the project team is making great progress and I look forward to handing the first set of properties over to their new owners in 2024.”
Piling has already been completed, and now excavation begins.
Meet the team
The main contractor at Graphite Square is Vision Construct, whilst Third.i is working alongside the internationally renowned architect, Ben Adams Architects, to design the well-proportioned homes and buildings.
Industrially inspired concepts have been used which is in celebration of Vauxhall’s heritage past.
Meanwhile, workspace creator, Halkin, has signed a long-term lease to manage and deliver the turnkey office and co-working spaces that will boast state-of-the-art technology and facilities for over 1,000 people to include residents as well as business owners.
Also, in partnership with Third.i is Paragon Asra Housing which is set to develop affordable homes, fourteen of which will be available to purchase under shared ownership as local businesses.
What does the scheme include?
The mixed-use residential and co-working scheme is set to include 110 one to three-bed private apartments and penthouses, 50 one to three-bed affordable homes once fully completed, as well as over 80,000 sq ft of co-working space across four floors, 14 disabled parking spaces, a Methodist Church, and landscaped communal gardens equipped with fire pits and children’s play areas.
Planning for the future, this development says it boasts strong eco-credentials which include green roofs with water management and varied outdoor spaces to provide ecological niches and enhance local biodiversity.
The next phase of apartments and penthouses launch off-plan in the UK this September via estate agent, CBRE, where buyers will be able to secure a property from £699,950.
Residents are expected to move to be able to move in by late 2024.