The site, which was bought from developer Green Property, has planning permission for a mixed-use development to include two towers reaching up to 58 and 43 storeys in height. The buildings will provide up to 491 homes, offices and a public square with shops, restaurants and cafes. Wanda also plans to include a five-star hotel as part of the scheme.
The London Borough of Wandsworth granted planning permission to the scheme in November last year following the completion of a section 106 agreement under which the developers will make a contribution of around £17 million to improve local infrastructure and to secure additional affordable housing outside the development area.
“Nine Elms is arguably the most exciting regeneration project in Europe and we are proud to have played our part in it," said Green Property chairman Stephen Vernon in a statement. "We are very pleased that Dalian Wanda will now lead the development of One Nine Elms and bring it to its next and final stage.”
Mayor of London Boris Johnson welcomed the investment, which he said was "yet another sign of the soaring global confidence in London as a world-beating place to live, work and do business".
The towers scheme is expected to complete in 2016/17.
