HB Reavis buys office development site for £63m, marking its first entry into London development market following long history in eastern Europe
A leading central and eastern European developer has entered the London development market for the first time after securing the purchase of the site for a new office development.
HB Reavis bought the site at 33 King William Street, situated in the City of London between Bank and London Bridge, for £62.5m.
The purchase includes planning permission for a 229,755 sq ft office building.
Designed by John Robertson Architects, the nine-storey building is expected to be completed in the second half of 2016.
Radim Římánek, board director of HB Reavis Group with responsibility for its UK business, said: “We have recently made a strategic decision to enter the commercial development market in London, as we strongly believe in the market’s fundamentals.
“Our plan here is to apply key elements of our successful integrated business model, building up a robust development portfolio and a strong local professional team.”
HB Reavis currently has over 12.9 million sq ft of leasable area in its development portfolio, 11 million of which is in the planning or permit stage. The company has delivered over 7 million sq ft of leasable area since its founding in 1993.
Tomaš Jurdák, director of HB Reavis UK, 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.”