US privately-held developer-investor Hines has completed the off-market acquisition of 18 Blackfriars Road, a 1.8-acre development site in a prime Central London location.
The currently vacant site, which has planning consent for a mixed-use scheme, has been acquired for an undisclosed price. Hines will announce further plans for this mixed-use development in due course but envisions the creation of a highly amenitized, dynamic environment . Upon completion, the site will have a gross development value in excess of £1 bn (€1.2 bn). Foster and Partners have been appointed as project architect.
Hines will lead the development and is working with Lipton Rogers Developments, the group led by Stuart Lipton and Peter Rogers who will bring their design and delivery experience to one of the most significant new mixed-use developments in London.
Ross Blair, senior managing director and country head of Hines UK, said: 'We are thrilled to have secured what is undoubtedly one of the most sought-after development opportunities in London. 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. The site represents another acquisition in a super prime location in the heart of London, illustrating our commitment to the future of the capital as a leading global city.'
Hines is currently on-site with a number of London 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 the heart of London’s West End on Oxford Street and Bond Street.
Cushman & Wakefield, Knight Frank and Bryan Cave Leighton Paisner advised Hines, with CBRE and Boodle Hatfield advising the seller.
