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LONDON-The redevelopment of the 10-acre Point Pleasant site between Putney and Wandsworth bridges on the south bank of the Thames has been kick-started by the creation of a new joint venture led by residential developer Fairbriar.

Fairbriar has invested £5 million ($7 million) for a 47.5% share of the joint venture company. CPL holds another 47.5%. London Town, which owns 5%, has been appointed project manager for the development. Funding will be provided by the Bank of Scotland. Between them they have paid £29.5 million ($41.6 million) for the site.

The phased development will take four years to complete. Planning consent has already been granted for 63 one-bedroom apartments, 222 two-bedroom apartments, 28 three-bedroom apartments and two four-bedroom apartments, 150,000 sf of offices and 107 social housing units, which have been pre-sold to Network Housing for £11.3 million ($15.9 million). The first apartments will be completed in early 2003; marketing will begin next spring.

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