Seven-strong team including Brookfield Multiplex, Fosters and Davis Langdon stand to benefit

Principal Place

Principal Place

A new Asian investor has revived the stalled £290m Foster + Partners’ Principal Place scheme in Shoreditch, east London.

Concord Pacific Group has bought a 50% stake in the 50-storey residential tower element of the scheme from Brookfield Office Properties (BOP), which Building understands could now commence before the remaining office portion of the scheme.

The scheme’s seven-strong project team stand to benefit, which, as well as Foster + Partners, includes BOP’s construction arm Brookfield Multiplex, quantity surveyor Davis Langdon, structural engineer WSP, M&E engineer Hilson Moran, project manager Second London Wall and planning consultant DB9.

Concord has not bought a stake in the office element of the scheme, a 16-storey adjacent block, which remains 100% owned by BOP.

The office block is seeking a substantial pre-let before a construction timetable is set.

The residential tower includes 243 apartments over roughly 200,000 sq ft.

Brookfield Multiplex has been known to be the contractor since June last year, when parent company BOP bought Hammerson’s office portfolio, including Principal Place.

Hammerson had previously shortlisted Sir Robert McAlpine and Skanska for the job before the sale of the development.