Slovak developer J&T Real Estate has made its first foray in the UK with the purchase of a residential development plot at 185 Park Street in Bankside, London from Delancey’s DV4 fund.
J&T Real Estate is joining forces with residential specialist Sons & Co to acquire the scheme, which has a gross development value of £400 mln (€450 mln).
The site, which was originally used by the National Grid as its main power grid, has permission for the construction of 163 apartments and 87,000 sq ft (8,100 m2) of office space alongside 920 m2 of retail space and 1,550 m2 of cultural premises.
Designed by Squire & Partners, the complex will consist of three towers of 15, 19 and 10 storeys respectively. The start of construction is expected for the first quarter of 2019 with delivery planned for 2022.
Peter Korbacka, founder and chairman of JTRE, which manages around €800 mln of assets, said: 'The entry of JTRE in cooperation with Sons & Co. to the prestigious location of central London is an important strategic milestone for both our companies. At the same time, it is important for us that we are entering the British developer market with such an impressive project. 185 Park Street is a complex development in the area, which is sensitively perceived especially in the cultural context of the city. It’s also a site with enormous potential and we expect it to be one of the most anticipated projects in central London.'
Alex Stocker, managing director of Sons & Co., said: 'Our future cooperation with JTRE on the conversion of one of the last lucrative plots of land in the South Bank is accompanied by great enthusiasm and high expectations. With this extensive and architecturally inspirational project that has international cultural reach, we can combine our experience from the London real estate market with JTRE's experience in the development of large multifunctional projects in prestigious European locations.'