Developers Stanhope and Cheyne secure 'iconic' South Bank office complex purchase
Stanhope and Cheyne, two prominent asset managers, have made a significant move in the London real estate market by purchasing a 'landmark' office development on the South Bank. The development, known as Row One, boasts a gross development value of £450m. The site, which was previously owned by property investment firm Landsec, is part of an office disposal programme. Nick Grosse, Director in Cheyne Capital's Real Estate Group, expressed his delight at the project's caliber and the partnership with Stanhope. Row One is set to offer 235,000 sq ft of flexible office space, along with 15,000 sq ft for retail, food, and drink offerings. The net-zero site offers unrestricted views of St Paul's Cathedral and is connected to London Bridge, Cannon Street, Waterloo, and Blackfriars stations, ensuring excellent connectivity. The ambition for Row One is to meet the strong demand for premium offices in today's stock market. Joe Binns, head of investment at Stanhope, referred to the acquisition as a 'rare opportunity' to acquire best-in-class office space. Construction on the already-demolished Row One site, which totals 250,000sq ft, is expected to start as soon as next year and be completed in 2028. Cheyne Capital and Stanhope aim to deliver a best-in-class office building with exceptional ESG credentials, design quality, and occupier amenities. The Row One scheme will feature generous outdoor space and is expected to contribute to the appeal of the South Bank as a complementary business district to the City of London. Joe Binns expressed confidence in this appeal, citing recent activity across both their own portfolio and the wider stock market today. The transaction adds Row One to Stanhope's London office and mixed-use development pipeline, which includes 70 Gracechurch Street, One Undershaft, The British Library, and 1 Victoria Street. The Row One project already has planning consent and significant site preparation under Landsec's stewardship. Demand for high-quality, amenity-rich, sustainable office space in London is high and rising, driven by the return to office mandate and a sustainability drive. This acquisition by Stanhope and Cheyne is a testament to this growing trend in the London real estate market.
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