St George, part of the Berkeley Group, has acquired News International's 15-acre former headquarters in Wapping, East London for £150 mln (EUR 190 mln).
St George, part of the Berkeley Group, has acquired News International's 15-acre former headquarters in Wapping, East London for £150 mln (EUR 190 mln).
St George beat competition from a number of UK and overseas developers and investors to secure the site in the London Borough of Tower Hamlets without planning permission. St George plans to develop proposals for a high quality mixed-use, residential-led development, incorporating homes, offices, shops and public open spaces.
Now called Wapping Village, the site has been vacant for two years and is one of the largest mixed-use development opportunities in central London. It includes around 1.2 million sq ft (111,000 m2) of redundant buildings associated with the old print works and a cleared car park.
CBRE, which advised News International on the deal, said that Wapping Village is the only development site of its calibre to be brought to market in recent years. 'It benefits from excellent transport links and is close to some of the world’s most famous landmarks, including Tower Bridge and the Tower of London. St George has a rare opportunity to create a brand new residential-led quarter on the doorstep of the City of London,' commented Peter Burns, executive director for Central London at CBRE.
