(LONDON) – Hines, the international real estate firm, has completed the off-market acquisition of 18 Blackfriars Road, a 1.8-acre development site in a prime Central London location.
The currently vacant site, which has planning consent for a mixed-use scheme, has been acquired for an undisclosed price. Hines will announce further plans for this mixed-use development in due course but envisions the creation of a highly amenitized, dynamic environment that brings the best of Hines’ global development experience and ESG learnings to benefit the Southwark community. Upon completion, the site will have a gross development value in excess of £1 billion. Foster and Partners have been appointed as project architect.
Hines will lead the development and is working with Lipton Rogers Developments, the group led by Sir Stuart Lipton and Peter Rogers who will bring their design and delivery experience to one of the most significant new mixed-use developments in London.
Ross Blair, Senior Managing Director and Country Head of Hines UK, said: “We are thrilled to have secured what is undoubtedly one of the most sought-after development opportunities in London. With the site in our ownership, we are focused on working with the London Borough of Southwark and local stakeholders to ensure its potential is maximized having sat vacant for so long. This will be a development for the next generation, addressing social, technological and environmental challenges our industry faces moving forward.
“The site represents another acquisition in a super prime location in the heart of London, illustrating our commitment to the future of the capital as a leading global city.”
Hines has a strong recent track record of investing in London, capitalizing on the demand for high-quality office and mixed-use spaces and is currently on-site with a number of redevelopments including the Grainhouse in Covent Garden which will be the firms’ new European headquarters. Hines is also bringing forward flagship office, retail and residential projects in the heart of London’s West End on Oxford Street and Bond Street.
Cushman & Wakefield, Knight Frank and Bryan Cave Leighton Paisner advised Hines, with CBRE and Boodle Hatfield advising the seller.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 255 cities in 27 countries. Hines oversees investment assets under management valued at approximately $83.6 billion¹. In addition, Hines provides third-party property-level services to more than 367 properties totaling 138.3 million square feet. Historically, Hines has developed, redeveloped or acquired approximately 1,486 properties, totaling over 492 million square feet. The firm has more than 171 developments currently underway around the world. With extensive experience in investments across the risk spectrum and all property types, and a foundational commitment to ESG, Hines is one of the largest and most-respected real estate organizations in the world.1. Includes both the global Hines organization as well as RIA AUM as of 30 June 2021.
Since entering Europe in 1991, Hines has grown its European platform to include offices in 16 cities as well as a presence in 62 cities in 13 countries. Hines oversees investment assets under management valued at approximately €21.7 billion and provides third-party property-level services totaling 3.9 million square meters in Europe, in Austria, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Poland, Spain and the United Kingdom.
Visit www.hines.com for more information.