Ballymore is to establish a joint venture (JV) for a major £2bn London residential development portfolio.

The three schemes comprise Arrowhead Quay in Canary Wharf, Phase II of London City Island on the Leamouth Peninsula and Phase II of the hugely successful Embassy Gardens in Nine Elms. In total, the developments have a gross development value of c.£2bn and will deliver c.3,000 new residential units and 250,000 sq ft of commercial, leisure and office space.

Arrowhead Quay is a planned development of two towers of 50 and 55 stories directly adjacent to Canary Wharf, designed to meet the area's growing demand for residential property. In addition to c. 990 residential units, this prime waterside development will also feature retail, leisure and café facilities and a new landscaped public plaza

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London City Island Phase II is a unique island-style neighbourhood on the Leamouth Peninsula, in close proximity to Canary Wharf and strategically situated for rail, road and air links. The development has been designed to complement the neighbouring business district with a premium residential offering of c. 1,145 units. Phase I has already commenced.

Embassy Gardens Phase II is situated next to the new US Embassy and Linear Park in Nine Elms, an area that has been described by the Mayor of London as "possibly the most important regeneration story in London and in the UK over the next 20 years".

Phase I of this development has set record sales rates in the area and Phase II is set to deliver c. 870 units being built alongside retail, leisure and office facilities.

(CD/JP)