Rockwell exchanges contracts on prime London site

International real estate investment firm Rockwell Property has exchanged contracts on a freehold office property in London's Elephant & Castle district.

Financial details were not disclosed.

Rockwell said it saw a development opportunity in the Salvation Army Headquarters at 101 Newington Causeway, in the London Borough of Southwark.

The disposal is in line with Salvation Army’s relocation to new headquarters within the Borough at Denmark Hill.

Donal Mulryan, founder of Rockwell commented: 'Elephant and Castle is undoubtedly one of the most exciting areas in London and the Salvation Army headquarters is an exceptional site which we’re delighted to be bringing forward.

'Rockwell has an absolute commitment to ensuring that local people benefit directly from each proposal and to working in partnership with local organisations to achieve this. I’m excited to begin work on a scheme which will have a positive impact on the lives of local people and the vibrancy of the town centre.'

Earlier this month, Rockwell secured planning permission for Quay House in Canary Wharf and commenced development at 82 West India Dock Road, adjacent to Westferry DLR station, following a £106 mln investment deal with Aviva Investors.

Savills advised the Salvation Army on the disposal.

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