London's office market just witnessed one of its most significant transactions of 2025, as Stanhope and Cheyne Capital completed the acquisition of Row One, a prime riverside development site from Landsec. The €383m gross development value project represents more than just another office tower, it's a strategic bet on London's resilience as a global financial hub amid an unprecedented supply shortage that could reshape the capital's commercial landscape.
The fully consented scheme will deliver 23,225 m² of Grade-A office space alongside 1,394 m² of retail and hospitality amenities across 11 floors, strategically positioned between London Bridge and Southwark Bridge. With demolition already complete and main construction set to begin in early 2026, the development capitalises on what industry insiders describe as the most severe office supply crunch London has experienced in decades. Market intelligence suggests that by 2028, Central London will face a critical shortage of premium office space, potentially driving rents to historic highs.
What makes this acquisition particularly compelling for investors is the project's embedded optionality for future residential conversion, a feature rarely highlighted but increasingly valuable given evolving planning policies. The building's flexible floor plates and generous 3.5-metre ceiling heights could accommodate mixed-use redevelopment, providing a crucial hedge against shifting market dynamics. This adaptability positions the asset as a rare example of future-proofed commercial real estate in an era of regulatory uncertainty.
"This was a rare opportunity to acquire a significantly de-risked, best-in-class office development opportunity in one of London's most vibrant and dynamic sub-markets," commented Joe Binns, Head of Investment at Stanhope. The South Bank location offers occupiers unrestricted Thames views and proximity to cultural anchors including Tate Modern and Borough Market, reinforcing the area's evolution into Central London's second-largest office district.
The sustainability credentials further distinguish this development in an increasingly ESG-conscious market. The all-electric scheme targets net-zero operational carbon alongside NABERS UK 5*, WELL Platinum, and BREEAM Outstanding certifications. With 724 bike spaces, 54 showers, and 18 terraces overlooking the Thames, the building addresses the post-pandemic shift towards wellness-focused workplace design that has become non-negotiable for top-tier occupiers.
"Our ambition is to deliver a best-in-class office building distinguished by exceptional ESG credentials, design quality and occupier amenities," added Nick Grosse, Director in Cheyne Capital's Real Estate Group. The transaction extends Stanhope's significant London pipeline, including landmark projects such as 70 Gracechurch Street and One Undershaft, positioning both firms to capitalise on what many expect to be a supply-driven rental recovery in London's office market.
People mentioned:
- Joe Binns, Head of Investment, Stanhope
- Nick Grosse, Director, Cheyne Capital Real Estate Group
Companies mentioned:
- Stanhope - Development and asset manager
- Cheyne Capital - Global alternative investment fund manager
- Landsec - Property development and investment company
- Colliers - Advisory services
- DLA Piper - Legal advisory
- Macfarlanes - Legal advisory
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