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Stanhope, the development and asset manager, and Cheyne Capital, an alternative investment fund manager, have taken over Row One, with planning consent for a new 250,000 sq ft office tower with a gross development value of £450m.

Stanhope will be responsible for managing the delivery of the development, which is between London Bridge and Southwark Bridge on the South Bank of the Thames, near Borough Market and the Tate Modern.

With demolition work already completed, the main contract programme is scheduled to start 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  235,000 sq ft of flexible office space and 15,000 sq ft of retail.

The transaction extends Stanhope’s London pipeline, which includes as 70 Gracechurch Street, One Undershaft, The British Library and 1 Victoria Street.

Joe Binns, head of investment at Stanhope, said: “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.”

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