A Slovak developer and investor has snapped up a property on London’s South Bank and revealed plans to turn it into a residential, office, shopping and cultural space worth £400 million.
The group, J&T Real Estate, has formed a joint venture with Sons & Co for its first foray into the London market.
The redevelopment will feature three towers, two residential buildings of 15 and 19 storeys and one commercial building with 10 storeys, designed by Squire & Partners, with retail units on the ground floor.
The cultural space is expected to be used by the Shakespeare’s Globe Theatre.
The property is located at 185 Park Street near to the Millennium Bridge and Tate Modern.
In total, there will be 163 flats, around 8,100 square metres of offices, 920 square metres of shopping space and 1,550 square metres of cultural space.
“The project is an important milestone both for J&T Real Estate and Sons & Co. It is also important for us that we enter the British developer market with this imposing project,” said Peter Korbacka, founder and chairman of the board of J&T Real Estate.
He added that the project is in a location with enormous potential and that the development “promises to be one of prime central London’s most anticipated projects”.
Alex Stocker, chief executive of Sons & Co, said: “This large, architecturally-inspiring project has international cultural significance and the collaboration combines our knowledge of the London property market with J&T Real Estate’s expertise of investing in major, mixed-use development projects in high-profile European locations.
“185 Park Street is a rare and exceptional development opportunity and we are fortunate to develop the site at an optimum time within the property cycle.”
The project, which will include three high-rise buildings in total, will see preparatory work start in the third quarter of 2018, with construction to follow in the first quarter of 2019. The developers are targeting a completion date of 2022.
As part of the building permit agreement, the Slovak developer will build a retirement home in Southwark Park Road with 57 flats for residents of the borough. It will be handed to the United St Saviour’s charity after completion.
London’s South Bank has seen a plethora of development activity over the last decade, which has transformed the area’s skyline.
They include the 1920s transatlantic inspired lines of Mondrian London at Sea Containers; the Scandinavian glass vessel that will be the new 52-storey One Blackfriars, informally known as The Vase; and the redevelopment of the iconic 5.25-acre Shell Centre site, which is now known as Southbank Place.
The area will also become home to the world’s largest co-working space when WeWork completes its 280,000 sq ft flexible office development near Waterloo, called Two Southbank Place.
DealMakerz thinks the latest news, from Slovak developer J&T Real Estate, is another positive sign for London’s real estate market in a post-Brexit world.
Foreign investors haven’t been put off by the political upheaval, but instead think the capital still offers great growth opportunities.