U.S. private equity firm, Carlyle, has sold their Bankside Quarter site for £308m. The 1.4m sq. ft site was purchased by three Singaporean investors in the one of the largest foreign acquisitions of London office space in recent years.
Temasek, Hotel Properties Limited, and Amcorp Properties Berhad invested 30% each in the property. Montrose Land & Development and Tarras Park Properties jointly contributed to the remaining 10%.
Regarding their motivations for investment, HPL said “the area has undergone significant transformation, becoming one of central London’s fastest growing business and residential locations, providing a more vibrant and fashionable alternative to the traditional markets of the City and West End.”
The investors plan on demolishing two of the existing buildings from the site, before re-constructing nine more ranging between five and 48 stories high.
The site will house just under 500 luxury apartments, 25,000 sq. ft of retail space, and four office towers comprising of 450,000 sq. ft. of space.
Permissions were granted for work to begin on the site last year. Building work is expected to take place in phases, with residential space to be completed before work starts on the office towers.
Upon completion, the site is estimated to be valued at over £1bn.
By: Kirsty MacGregor
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