HB Reavis acquires third London site for £44m (UK)


Aberdeen Asset Management has sold the freehold interest in 61 Southwark Street to international real estate developer HB Reavis for £44m.


Aberdeen has recently been granted planning permission for the comprehensive refurbishment and extension of the existing building to provide 7,154m2 of office space. HB Reavis intend to commence the scheme immediately working in conjunction with Tate Hindle Architects, who have recently completed the transformation of a 1960s office block into the third and largest space of the world-renowned art gallery Gagosian Gallery. 


The scheme in Southwark Street will extend the existing building adding additional floor space, terraces on the two top floors, and a new self-contained unit on Great Guildford Street. The site is situated opposite to restaurant ‘Hixter’, one of several restaurants owned by celebrated chef, restaurateur and food writer Mark Hix, as well as the soon-to-open restaurant Caravan Bankside. Additionally, the site is only a stone’s throw away from major cultural institutions like the Tate Modern, Borough Market, one of the most popular food and drink destinations in London and provides strategic transport connections to London Bridge, Blackfriars and Waterloo Station.


Tomas Jurdak, managing director of HB Reavis, commented: "This is our third acquisition in central London, showing our commitment to careful site selection in locations with limited supply and a diverse tenant base.  We buy into areas which will benefit from genuine regeneration through improved access to public transport and local amenities. This will continue to drive tenant demand in these central locations".


This acquisition follows the successful purchases of 20 Farringdon Street, a 7,800m2 office scheme and HB Reavis’ first UK development at 33 King William Street, a new 21,100m2 grade-A office building.


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