Great Portland Estates is planning a new development opposite the More London scheme at London Bridge, which could provide around 250,000 sq ft of floorspace.
The company is currently assembling a site for the development, and has bought a one-acre patch of land and two adjoining investments.
GPE bought 156-154 Tooley Street and an office building at 14-20 Shand Street from Asda Property Holdings. It also bought the freehold and leasehold interests in a vacant site immediately behind Tooley Street from Arlington Group.
Chief Executive, Toby Courtauld, said that the vacant site had the potential for around 125,000 sq ft of offices. A planning application will be submitted before the end of the year, with completion scheduled for 2007.
GPE is expected to eventually develop at least 250,000 sq ft on the overall site over the next few years.
“We have quietly assembled this site over several months to become involved in the regeneration of this part of Central London”, Courtauld said. “We are not wedded to our West End patch and will take the opportunities to buy where we see value anywhere in Central London.”
Michael Elliott and EA Shaw acted for Asda Property Holdings.
Source: Freeman News/Property Week