Hines has bought a Central London development site for a £1bn (€1.2bn) mixed-use scheme.

The international real estate firm has paid an undisclosed amount to buy the 1.8-acre 18 Blackfriars Road site.

Ross Blair, senior managing director and country head of Hines UK, said: “With the site in our ownership, we are focused on working with the London Borough of Southwark and local stakeholders to ensure its potential is maximized having sat vacant for so long.

“This will be a development for the next generation, addressing social, technological and environmental challenges our industry faces moving forward.”

In London, Hines is currently on-site with a number of redevelopments including the Grainhouse in Covent Garden which will be the firms’ new European headquarters. Hines is also bringing forward flagship office, retail and residential projects in London’s West End on Oxford Street and Bond Street.

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