Developers Stanhope and Cheyne acquire iconic South Bank office project
Stanhope and Cheyne Acquire Prime London Office Development Site
Stanhope and fund manager Cheyne have announced the acquisition of a landmark office development on London's South Bank, marking the addition of Row One to Stanhope's London office and mixed-use development pipeline. The new development, with a gross development value of £450m and a total area of 250,000sq ft, is set to become a significant addition to the city's skyline.
Located on the South Bank, the Row One site offers unparalleled views of St Paul's Cathedral and boasts excellent connectivity, being connected to London Bridge, Cannon Street, Waterloo, and Blackfriars stations. The development will feature approximately 235,000 sq ft of flexible office space, 15,000 sq ft for retail, food, and drink offerings, and generous outdoor space.
Nick Grosse, Director in Cheyne Capital's Real Estate Group, expressed his pleasure at partnering with Stanhope on this project, while Joe Binns, head of investment at Stanhope, called the acquisition a "rare opportunity" to acquire best-in-class office space. The partners aim to deliver a best-in-class office building with exceptional ESG credentials, design quality, and occupier amenities.
The transaction adds Row One to Stanhope's impressive portfolio, which includes landmark schemes such as 70 Gracechurch Street, One Undershaft, The British Library, and 1 Victoria Street. The acquisition comes at a time when demand for high-quality, amenity-rich, sustainable office space in London is high and rising, driven by the return to office mandate and a sustainability drive.
The demolition of the Row One site has already begun, with construction expected to start as soon as next year and be completed in 2028. The owners of the project, however, remain unidentified in the given search results. Landsec, the previous owners of the site, are currently undertaking an office disposal programme.
Joe Binns stated that they are firm believers in the appeal of the South Bank as a complementary business district to the City of London. Recent activity in the South Bank market underscores the confidence of Stanhope and Cheyne in the area's potential. The new development is set to be a significant addition to the South Bank's growing skyline, further cementing its position as a prime location for businesses and residents alike.
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