J&T REAL ESTATE, the Slovak development and investment company active in the Central European region, has purchased land from Delancey's DV4 client fund at the prestigious 185 Park Street address in Central London's South Bank. The project will incorporate cooperation with Sons & Co, a local luxury real estate developer. The former National Grid HQ site has planning permission for 163 apartments, and approximately 8,100 m2 of office-, 920 m2 retail-, and 1,550 m2 cultural-space.
Through this project, J&T REAL ESTATE has prestigiously entered the London real estate market. This also represents the first collaboration between J&T REAL ESTATE and Sons & Co. The total project value upon completion will be approximately GBP 400 million.
185 Park Street has a premium location just east of the world-famous Tate Modern gallery - at the intersection of Great Guildford Street, Sumner Street, and Park Street. The project features two 15- and 19-storey residential buildings, accompanied by a 10-storey office building with ground floor commercial space The building permit project was prepared by British studio SQUIRE & PARTNERS. The development will also include cultural space, which is expected to be utilised by the nearby legendary Shakespeare's Globe Theatre. The project received planning permission in July 2015.
Peter Korbačka, founder and chairman of the board of J&T REAL ESTATE, commented:
“J&T REAL ESTATE’s market entry - in cooperation with Sons & Co. - with this prestigious Central London location represents a key strategic milestone for both our companies. It’s also important that we enter the British development market with such an impressive project. 185 Park Street is a complex development in an area that is sensitively perceived in the city’s cultural context. The site has huge potential, and we look forward to the project being one of the most anticipated in Central London.”
Alex Stocker, CEO of Sons & Co., said:
"Our cooperation with J&T REAL ESTATE will transform one of the last remaining lucrative plots in the South Bank, we approach this partnership with much enthusiasm and high expectations. This large and architecturally-inspiring project will - given its location - have an international cultural impact. We will combine our extensive experience in the London real estate market with J&T REAL ESTATE’s experience with developing large multifunctional projects in prestigious European locations. 185 Park Street is a rare and extraordinary opportunity, and we are delighted to have the opportunity to realise our vision at just the right time in the real estate lifecycle.”
The plot’s preparatory work, including clearing existing buildings, is planned for Q3 2018. Construction is planned to commence Q1 2019, with expected completion in 2022.
In addition to the exciting 185 Park Street development, J&T REAL ESTATE has also undertaken to construct a 57-flat nursing home for the elderly in nearby Southwark Park Road. Upon completion, this building will be taken over by the United St. Saviour’s Charity, which supports North Southwark’s residents and community.
J&T REAL ESTATE was assisted in the transaction by London law firm Setfords Solicitors, supported by Slovak law firm RELEVANS. The financial and commercial advisor in the transaction was BDO LLP.