Firm had been preferred bidder for job when scheme was put on hold by former owner
Mace is set to start work early next year on a scheme to redevelop a 1980s office complex in the middle of London which has been bought by a Stanhope team from Landsec.
Landsec purchased the red brick complex, which has now been demolished by Erith, 20 years ago and had plans to build workspace along with retail and new public space.
Previously called Red Lion Court, the Bankside scheme, next door to the former FT headquarters in Southwark, has been designed by Danish architect BIG with the work, which was given planning in spring 2023, originally due to be finished in 2027.
Mace was preferred bidder for the job – having beaten Skanska – when it was put on hold by Landsec as part of a rejig which is seeing the developer scale back the amount of office work it carries out. This includes plans for a £2bn sell-off of parts of its office-led assets over the next five years to fund an expansion into residential.
Now a joint venture between Stanhope and funder Cheyne Capital have bought the site, now called Row One, which has a GDV of £450m.
Stanhope, which is a minority investor, will be responsible for managing the delivery of the scheme with work set to begin in earnest early next year. Completion is scheduled for 2028.
The site, which is situated between London Bridge and Southwark Bridge, will comprise two basement levels and 11 floors above ground, delivering around 235,000sq ft of office space along with 15,000sq ft of retail and food and beverage space.
It will also include 724 bike spaces and 54 showers along with new public realm.
Stanhope’s head of investment Joe Binns said: “We are firm believers in the appeal of the South Bank as a complementary business district to the City of London, with recent activity across both our own portfolio, and the wider market, underscoring this confidence.”
The scheme, which was given planning in spring 2023, was originally due to have been finished in 2027.
Others working on the job include cost consultant Gardiner & Theobald, project manager CPC, M&E engineer Hilson Moran, structural engineer AKT II and sustainability engineer Arup.
Among the commercial schemes Landsec is working on in the capital are the £400m Timber Square mixed-use development in Southwark, being built by Mace, and Thirty High, a £380m scheme to refurbish a 1960s office block called Portland House in London’s Victoria, which is being carried out by McLaren. Both are set to complete by the end of this year.
Skanska has signed up for a PCSA on Landsec’s 55 Old Broad Street development, having beaten Mace in the final run-in. Keltbray is set to carry out demolition work.
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