St James, part of the Berkeley Group, has acquired a 10-acre site in White City, London, from Marks & Spencer (M&S) for around £100 mln (€116 mln).
St James, part of the Berkeley Group, has acquired a 10-acre site in White City, London, from Marks & Spencer (M&S) for around £100 mln (€116 mln).
The 10-acre site is currently an M&S storage warehouse and will be transformed as part of a major regeneration project, featuring extensive parklands, with the potential for 1,300 new homes.
The site forms the heart of a much larger regeneration programme led by institutions including Westfield, Stanhope and Imperial College London. M&S has agreed a three-year leaseback on the property, allowing it time to relocate to more modern premises.
Peter Burns, executive director at CBRE which acted for the vendor, said the deal allows M&S time to undertake a relocation. 'The development sits within a larger regeneration zone, and the residential element will attract considerable interest due to its central London location and phenomenal educational, retail and leisure attractions.'
The White City regeneration area spans some 60 acres with Westfield having completed phase 1 of their shopping centre to south, and Imperial owning the rest of the land to the north of M&S land. The area provides an opportunity to develop up to 4,500 new homes.
