|
Derwent London PLC on Tuesday said it has formed a strategic partnership with Related Argent Ltd for the Old Street Quarter site in central London. The London office-focused real estate investment trust expects to acquire the 2.5-acre site in late 2027. Derwent London said the site has the potential for a ‘substantial mixed-use campus development’. The two companies will work on delivering ‘best-in class mixed-use, living-led planning consent’ for the site. It said a range of uses is being appraised, including residential, co-living, student accommodation, office and hotel. Derwent said the master planning will be structured in a way that allows flexibility of delivery, which may include joint ventures, forward funding and plot sales. Related Argent has an ‘impressive track record’ in large-scale urban regeneration as a developer, owner and operator, Derwent said. ‘Old Street Quarter represents an exciting regeneration opportunity for one of the few remaining significant island sites in central London,’ said Chief Executive Paul Williams. ‘We have actively explored a number of options to ensure we deliver the best possible regeneration and, as part of a competitive tender, Related Argent showcased their extensive experience in master planning this type of large-scale project. I am confident that together we can deliver a planning consent which will maximise the value of the site.’ Shares in Derwent London were up 0.6% at 1,784.00 pence in London on Tuesday morning. Copyright 2025 Alliance News Ltd. All Rights Reserved.
|
