Slovakian-based Central Eastern European developer and investor J&T Real Estate has partnered with London developer Sons & Co. to buy 185 Park Street on London’s South Bank from DV4, Delancey’s client fund, for £400 million ($529 million).
The project marks J&T Real Estate’s entry into the London development arena.
The site is the former National Grid office. The new owners have plans to build 163 apartments and 87,081 square feet of offices, 9,892 square feet of retail and 16,609 –square feet of cultural facility space. The redevelopment features three towers, two residential buildings of 15 and 19 stories and one 10-story commercial building. The development also includes a cultural space for Shakespeare’s Globe Theatre.
Demolition work to prepare the site is scheduled to start during the third quarter 2018, with construction to follow in first quarter 2019. A three-year development program is anticipated, with a target completion date of 2022.
