AIM-listed London & Stamford Property has exchanged contracts with Weston Homes for the purchase of the remaining 57 residential units at Bridges Wharf on the Southbank of the River Thames next to Battersea Heliport, London, SW11. The acquisition also includes 57 car parking spaces.

London & Stamford is acquiring a long leasehold interest in the apartments and the car parking spaces for approximately £27.5 mln (EUR 33m).

Completion is expected to be phased over two stages to match the practical completion of the units. London & Stamford also have first right of refusal to acquire a further six units. London & Stamford will fund the acquisition out of existing resources.

The apartments comprise a mix of 1 and 2 bedroom flats and live/work units and are well located for public transport links into Central London. The 57 units total 4,940 m2 of net lettable area.

The Bridges Wharf development was completed in early 2010 and comprises three buildings (Altura Tower, Orbis Square and Vicentia Quay) with a total of 267 flats and, additionally, the development comprises a 5-star hotel.

Knight Frank will act as letting agents for London & Stamford.