Royal Mail sells last 3 Nine Elm plots for £112m

Royal Mail on Monday said it had exchanged contracts to sell the last three remaining plots on its Nine Elms Park site to London Square for £111.2m.

Profits from the sale would be used in line with Royal Mail's capital allocation policy, with around £35m to be reinvested into the Nine Elms site. The plots have been sold with planning consent to include up to 756 residential units, of which 133 will be affordable, the company said in a statement.

The deal is expected to complete in early 2022. A 10% deposit has already been paid on the contract exchange, with the outstanding amount payable on completion.

"The new development will create more housing, including affordable units, as well as community facilities and more public space," said Martin Gafsen, Royal Mail's group director of property and facilities solutions.