The 5 acre site located within the London Borough of Wandsworth and the Vauxhall Nine Elms Battersea Regeneration Area is allocated for residentially led mixed use development.
National Grid has already commenced dismantling the gas holders and clearing the site of redundant gas infrastructure. St James anticipates submitting a detailed planning application for the redevelopment of the site in late 2014. The development will be delivered over a 10 year period creating approximately 750 new homes, including affordable housing and improved public realm.
Malcolm Cooper, Managing Director of National Grid Property says: "We have long recognised the potential of our Battersea gasholder site and are proud to say that it will contribute to the dynamic regeneration of Nine Elms on the South Bank.
Our agreement with St James at Battersea is just one part of our nationwide effort to bring our former gasworks and gasholder sites back into beneficial use. Through our work, we will enable the creation of thousands of homes and jobs across the UK."
Sean Ellis Chairman of St James says: "Following the acquisition of the Gas Works site at Southall we are delighted that St James has been able to secure the acquisition of a second major regeneration site from National Grid. This continues St James commitment to developing sites in Nine Elms and gives us a tremendous opportunity to build on the success of our current scheme, Riverlight"
Jon Milward, Head of London Development at Deloitte Real Estate said the sale "highlights the continuing evolution of Vauxhall/Nine Elms as a location for high quality residential development".