Slovak commercial property development and management company HB Reavis has completed a deal worth £62 million for a development site in the City of London.
Situated on 33 King William Street, the site has received planning permission for a nine-storey building, which could provide 230,000 sq ft of office space in London.
It’s currently home to a piece of commercial property occupied by a tenant. HB Reavis has outlined its intentions to demolish this structure when the tenant’s current contract expires in June of next year (2014), and begin work on a new office building soon after.
The purchase of the site is the Slovak developer’s first in the United Kingdom. In its 20 years in the commercial property industry, HB Reavis has established itself as the leading developer of real estate in Poland, Hungary, the Czech Republic and its native Slovakia.
Director of HB Reavis UK, Tomas Jurdak, spoke about the company’s decision to enter the UK commercial property market, and outlined its future intentions.
He said: “We see this project as a unique opportunity, with an exceptional office building in an excellent location.
“Our intention is to continue investment in additional high-quality development opportunities in London into 2014. We look forward to establishing our company as an active contributor to London’s world-class real estate community.”
By: Kirsty MacGregor
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