Landsec sells South Bank development site to Stanhope and Cheyne

Stanhope and Cheyne Capital have bought a prime riverside development site in London from Landsec for £450 mln (€518.6 mln). 

Row One

The site, called Row One on the South Bank, has planning permission for a 23,226 m2 office tower.
Stanhope will manage the development, with construction expected to start in early 2026 and take about two years. The 0.5-hectare site will feature two basement levels and 11 floors above ground, offering roughly 21,832 m2 of flexible office space and 1,394 m2 for retail and food/beverage. The building design focuses on the user experience, including 18 terraces (most overlooking the River Thames), a club room, wellness center, excellent cycling facilities, and new public spaces.
Located between London Bridge and Southwark Bridge, the development will have unobstructed views of the City and St. Paul's, and easy access to major train stations. The site is in Bankside, a popular business and cultural area close to attractions like Borough Market and Tate Modern. This area is Central London's second-largest office market, attracting many multinational companies.
The project is designed to be net-zero in operation, all-electric, and aims for top sustainability certifications (NABERS UK 5*, WELL Platinum, and BREEAM Outstanding). This deal adds to Stanhope's significant development pipeline in London.
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. 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.”
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.”
Colliers, DLA Piper, and Macfarlanes provided advice to Stanhope and Cheyne during the acquisition.