Published on 24/10/2021
The real estate giant Hines completed the off-market acquisition of 18 Blackfriars Road, a 1.8-hectare development site in a central area of London. 18 Blackfriars Road is a vacant lot that has planning permission for a mixed use. The estimated price for the land is £ 235 million.
Hines bought the land from Jersey-based Black Pearl, a subsidiary of Malaysian real estate development company IGB Corporation Berhad. Black Pearl had plans for 288 homes, a hotel with 548 rooms, a venue, shops and offices in buildings up to 53 storeys high. Black Pearl bought the site for £ 114 million from Israeli-backed Circleplane. Circleplane bought the land from Land Securities.
After completion, Hines believes it will have a gross development value of over 1 billion. Foster and partners are appointed as project architect. Hines will lead the development and work with Lipton Rogers Developments, the group led by Sir Stuart Lipton and Peter Rogers, who will bring their design and delivery experience to one of the most significant new blended applications in London.
Cushman & Wakefield, Knight Frank and Bryan Cave Leighton Paisner advised Hines, with CBRE and Boodle Hatfield advising the seller.
Hines is currently on site with a number of renovations in London, including the Barr Gazetas-designed overhaul of the Grainhouse in Covent Garden.
Keywords: Hines Group, Goldis Berhad, IGB Berhad.