Oxley Holdings has announced the sale of 207 affordable housing units in its Riverscape development in the UK for GBP50.5 million ($90.1 million) on Nov 1.
Riverscape is a joint development project by Oxley along with partner Ballymore encompassing residential apartment blocks located in the Royal Wharf area in East London. Oxley and Ballymore each hold a 50% stake in Ballymore Deanston, the joint venture company undertaking the development.
The affordable housing units are being sold to Legal & General Affordable Homes.
See: Oxley divests Sydney property for $96.3 million
Under the contract, the completion of the sale is conditional on Ballymore Deanston achieving practical completion of the property’s construction, including the ground floor slab level and achieving certification as per planning permission and statutory requirements.
Completion of the works is expected in the 4Q2021.
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In addition to 207 affordable housing units which have been sold to the Purchaser, Riverscape offers 562 private residential units that will be launched for sale globally in the 4Q2021. The total book value of the entire development was approximately GBP58.3 million as at June 30.
Oxley shares closed up 0.5 cents of 2.5% higher at 20.5 cents on Nov 1.
Photo: Oxley
