Stanhope, the improvement and asset supervisor, and Cheyne Capital, an alternate funding fund supervisor, have taken over Row One, with making plans consent for a brand new 250,000 sq toes workplace tower with a gross construction worth of £450m.
Stanhope might be answerable for managing the supply of the improvement, which is between London Bridge and Southwark Bridge at the South Financial institution of the Thames, close to Borough Marketplace and the Tate Trendy.
With demolition paintings already finished, the primary contract programme is scheduled to begin in early 2026 following enabling works, with an approximate two-year construct duration.
The 1.24 acre website will contain two basement ranges and 11 flooring above flooring, handing over 235,000 sq toes of versatile workplace area and 15,000 sq toes of retail.
The transaction extends Stanhope’s London pipeline, which incorporates as 70 Gracechurch Boulevard, One Undershaft, The British Library and 1 Victoria Boulevard.
Joe Binns, head of funding at Stanhope, stated: “This was once a unprecedented alternative to procure a considerably de-risked, best-in-class workplace construction alternative in one in all London’s maximum colourful and dynamic sub-markets. We’re company believers within the attraction of the South Financial institution as a complementary trade district to the Town of London, with contemporary task throughout each our personal portfolio, and the broader marketplace, underscoring this self assurance.
“The transaction builds on our 35-year observe report of reimagining, handing over and managing cutting edge, landmark workplace tendencies, and deep working out of the evolving occupier ecosystem, to create lasting worth for our stakeholders, together with the broader neighborhood. With London dealing with a well-publicised Grade-A workplace provide crunch against the tip of the last decade, there is a chance for top conviction buyers to play a a very powerful position in making sure the capital keeps its place as a pre-eminent international trade hub. Our first scheme with Cheyne provides any other subtle, blue-chip investor to our capital spouse base, and is a robust endorsement of our technique and imaginative and prescient.”
Nick Grosse, director in Cheyne Capital’s Actual Property Team, added: “We’re thrilled to be partnering with Stanhope on a undertaking of this calibre. Their confirmed observe report and supply experience make this a extremely compelling construction alternative, already benefitting from making plans consent and critical website preparation beneath Landsec’s stewardship.
“Our ambition is to ship a best-in-class workplace development outstanding through outstanding ESG credentials, design high quality and occupier facilities. The scheme will be offering beneficiant out of doors area and superb connectivity, assembly the sturdy call for for top rate workplaces in as of late’s marketplace.”
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