DAA Residential
Whats in Wapping

News International sells ‘Wapping Village’ to Berkeley

News International sells ‘Wapping Village’ to Berkeley

Hope of more investment and jobs in Wapping was raised this week with news that St George, part of the Berkeley Group, has bought the old News International site for £150 million.

St George intends to come up with ideas for ‘a high quality mixed use, residential led development, incorporating homes, offices, shops and public open spaces.

More details on the St George strategy for the Wapping site should be available in the next few weeks, so until then, this is the official statement:

Press release by St George – 30th May 2012

News International, advised by CBRE, has sold its 15.16 acre former headquarters in Wapping, East London, unconditionally to St George Plc, part of the Berkeley Group, for in the region of £150 million.

St George triumphed over stiff competition from a number of UK and overseas developers and investors to secure the site in the London Borough of Tower Hamlets without planning permission. St George plans to develop proposals for a high quality mixed use, residential led development, incorporating homes, offices, shops and public open spaces.

Now called Wapping Village, the site has been vacant for two years and is one of the largest mixed-use development opportunities in central London. It offers the chance to create a dynamic new residential-led quarter within zone 1 and includes circa 1.2 million sq ft of redundant buildings associated with the old print works and a cleared car park.

Ross Faragher, Managing Director of St George PLC, said:“We are delighted to have acquired Wapping Village. Working with the London Borough of Tower Hamlets and the local communities we plan to create an exciting and attractive place to live and work, a new quarter in Wapping that will revitalise this important area of London. This is our first significant acquisition in Tower Hamlets for many years and St George is delighted to be investing in the borough again. We are looking forward to working with the borough, local communities and businesses on our plans for a high quality mixed use development.”

Tom Mockridge, Chief Executive of News International said:“Moving to Wapping was a pivotal moment in News International’s history as it led a pioneering development in newspaper production, and so today’s sale marks the end of an era for the company. Our move to Thomas More Square in 2010 has proven equally important; enabling NI to take the same industry-leading approach although this time with the digital revolution.

“The location of our newsrooms might change but News International’s position as a fixture on Britain’s media landscape will not. We are situated next to the Wapping site and look forward to the exciting redevelopment of the area by St George.”

Peter Burns, Executive Director, Central London, CBRE, said: “Wapping Village is the only development site of its calibre to be brought to market in recent years. It benefits from excellent transport links and is close to some of the world’s most famous landmarks, including Tower Bridge and the Tower of London. St George has a rare opportunity to create a brand new residential-led quarter on the doorstep of the City of London.”

News International’s decision to sell the site was the result of a strategic property review undertaken in the summer of 2011, which concluded that the site was no longer a necessary part of the company’s asset base.

What’s next for Wapping?

News International Car Park

News International car park closed on 30th April 2012 – photo by Ash via What’s in Wapping Flickr Group

Sale of the old News International site could be very positive for Wapping and we look forward to hearing more on about the St George development plans. Despite a lot of media confusion, News International has not moved out of Wapping – just moved into new offices at Thomas More Square – also in Wapping [view 6 September 2011 update].

Together with the sale last year of St Katharine Docks to the Max Property Group, our local area looks set to see some very significant change in the near future.

St George has promised to work with the local community on this project – maybe the first thing they should do is ask if Wapping agree to it being called ‘Wapping Village’?

Tags: , ,

  • Pingback: Photos from inside the desolate Fortress Wapping

  • http://twitter.com/SredniVashtari SredniVashtari

    The area some of us refer to as Wapping Village when in twee mode is nowhere near the NI site. This sounds more like a dormitory town frankly.

  • Jeremy98

    I don’t know where the term Wapping village came from, but Wapping is not a village and I don’t think creating a complex and calling it Wapping village is a good strategy. It will separate the rest of Wapping and what are they going to call the rest of it, Old Wapping?

  • Sugarplumfairy

    Oh yes, great for the community – by building more unaffordable and out of reach houses and facilities.. at least news int. provided us locals with jobs over the years and now will just be replaced by another ‘development’ that enforces the exclusion of locals and those who grew up round here who can longer afford to stay.

    The change for wapping over the yrs has been great and all that., but I fear it may now beinggoingoverboard – wasnt the attraction for newcomers it’s quiet and somewhat idealic village like location which has now been ruined anyway by mass development.

    wapping WAS a village but isn’t anymore.