Sable Capital, a UK-based real estate firm specialising in the living sectors, has secured the freehold of Apex 1, a prominent residential development site in Nine Elms, London. This significant acquisition is geared towards delivering a new Build to Rent (BTR) scheme, using funds from its recent UK Build to Rent fund, boasting £255m of equity commitments. The acquisition promises a fresh wave of BTR investments across various sectors including multifamily, single-family, and senior living throughout the UK.

The Apex 1 site was previously held by VSM, a joint venture encompassing VINCI UK Developments Ltd and St Modwen Developments Ltd, and Covent Garden Market Authority. Located in the bustling Zone 1 of London, this site possesses approved planning consent for an impressive 26-storey tower. Once completed, it will provide 201 new homes, a spacious 5,242 sq ft (487 sqm) ground floor retail space, and a generous 27,631 sq ft (2,567 sqm) of amenity space. This will include notable features like a podium garden. Galliard Construction has been entrusted to bring this vision to life under a comprehensive turnkey contract.

Speaking on the acquisition, Hugo Black, Partner at Sable Capital, shared, “London’s rental market, despite its challenges, continues to witness robust demand. With rent rates soaring at unprecedented rates and new home deliveries lagging at 60% below the London Plan target, this acquisition comes at a pivotal time. Apex 1, situated close to the iconic Battersea Power Station, represents a golden opportunity. We’re keen to collaborate with Covent Garden Market Authority and Vinci St Modwen to enhance the public realm, bridging the US Embassy to the new Nine Elms station, while also providing 201 modern homes for Zone 1 renters.”

Strategically located next to New Covent Garden Market – the UK’s premier fruit, vegetable, and flower market, the Apex 1 site stands a mere 150 metres from the newly inaugurated Nine Elms underground station. This ensures swift and seamless connectivity to the City and West End.