Stanhope and Cheyne Capital acquire £450 million GDV prime riverside London office development site from Landsec

Stanhope, the development and asset manager, and Cheyne Capital (“Cheyne”), the global alternative investment fund manager, have completed the acquisition of Row One, a landmark development site on London’s South Bank, with planning consent for a new 250,000 sq ft office tower with a Gross Development Value of £450 million. With Stanhope as the minority investor, the joint venture has purchased the project from Landsec, reflecting both parties’ strong conviction in the strength of occupier demand for sustainably developed, prime Central London office space with integrated technology, high quality amenities and excellent transport connectivity.

Stanhope will be responsible for managing the delivery of the development. With demolition work already completed, the main contract programme is scheduled to commence in early 2026 following enabling works, with an approximate two-year build period.

The 1.24 acre site will comprise two basement levels and 11 floors above ground, delivering c. 235,000 sq ft of highly flexible office space with generous floor to ceiling heights, along with 15,000 sq ft of retail and F&B space. The occupier experience is central to the building’s design, with 18 terraces, most overlooking the River Thames, a world class amenity provision featuring a club room and wellness centre, as well as market-leading end of trip facilities, including 724 bike spaces and 54 showers, and a carefully curated new public realm.

Situated between London Bridge and Southwark Bridge, the development offers unrestricted views across the river to the City and St. Paul's. Its prime location offers exceptional connectivity given its proximity to London Bridge, Cannon Street, Waterloo and Blackfriars stations.

The building benefits from its central position within Bankside, a well-established commercial and cultural district with a strong residential offering. Nearby amenities include Borough Market, Borough Yards, Tate Modern, and Shakespeare’s Globe Theatre, reinforcing the area’s credentials as a seven-day-a-week destination.

These qualities have established the South Bank and Bankside as Central London’s second largest office market, now recognised as a mature and highly sought after destination for a diverse base of multinational occupiers. Since 2013, more than 114 major businesses have relocated here from City and West End sub-markets.

In line with both Stanhope and Cheyne’s sustainable development commitments, the all-electric scheme is designed to be net zero in operation, and is targeting NABERS UK 5*, WELL Platinum and BREEAM Outstanding certifications.

The transaction extends Stanhope’s significant London office and mixed-use development pipeline, which includes landmark schemes such as 70 Gracechurch Street, One Undershaft, The British Library and 1 Victoria Street.

Joe Binns, Head of Investment at Stanhope, commented:
“This was a rare opportunity to acquire a significantly de-risked, best-in-class office development opportunity in one of London's most vibrant and dynamic sub-markets. We are firm believers in the appeal of the South Bank as a complementary business district to the City of London, with recent activity across both our own portfolio, and the wider market, underscoring this confidence.

“The transaction builds on our 35-year track record of reimagining, delivering and managing innovative, landmark office developments, and deep understanding of the evolving occupier ecosystem, to create lasting value for our stakeholders, including the wider community. With London facing a well-publicised Grade-A office supply crunch towards the end of the decade, there is an opportunity for high conviction investors to play a crucial role in ensuring the capital retains its position as a pre-eminent global business hub. Our first scheme with Cheyne adds another sophisticated, blue-chip investor to our capital partner base, and is a strong endorsement of our strategy and vision.”

Nick Grosse, Director in Cheyne Capital’s Real Estate Group, added:
“We are delighted to be partnering with Stanhope on a project of this calibre. Their proven track record and delivery expertise make this a highly compelling development opportunity, already benefitting from planning consent and significant site preparation under Landsec’s stewardship.”

“Our ambition is to deliver a best-in-class office building distinguished by exceptional ESG credentials, design quality and occupier amenities. The scheme will offer generous outdoor space and excellent connectivity, meeting the strong demand for premium offices in today’s market.”

Stanhope and Cheyne were advised by Colliers, DLA Piper and Macfarlanes.