Castlemore Securities has pulled out of its joint venture to redevelop a London gasworks with National Grid.
Castlemore has agreed to release the 90-acre Southall gasworks site in Ealing, west London, back to National Grid following the energy giant’s decision to put its property portfolio on the market earlier this year.
Brad Critcher, managing director of Castlemore said: ‘Following several weeks of discussion with National Grid, it has become clear that neither parties interests are best served by Castlemore remaining a joint venture partner on Southall Gasworks.
'Both companies are understandably disappointed by the decision, but acknowledge the necessity for its development to be progressed in sole ownership, in light of NGP’s forthcoming sale of its portfolio.
'Everyone at Castlemore is extremely keen to see the development of Southall Gasworks come to fruition and we wish NGP and its team every success.’
National Grid announced in September that it was considering selling National Grid Property and its assets – around 3,000 acres of brownfield land, some of which is contaminated.
Phil Kirby, managing director of National Grid Property Holdings Ltd, said that National Grid remained committed to the delivery of the Southall scheme.