Derwent London forms strategic partnership with Related Argent
Property investor Derwent London Plc said on Tuesday that it has formed a strategic partnership with property and urban regeneration business Related Argent connected to the Old Street Quarter EC1 site, which it aims to acquire before year-end 2027.
Derwent London said the partnership follows studies that showed that the 2.5-acre central London site has the potential for "a substantial" mixed-use campus development.
Initially, Derwent London said the parties will work on delivering a best-in-class mixed-use, living-led planning consent for the "unique regeneration opportunity", with a range of uses being appraised, including residential, co-living, student accommodation, office and hotel.
The FTSE 250-listed firm stated that master planning will be structured in a way that allows it flexibility of delivery, which in the future may include joint ventures, forward funding and plot sales.
Derwent London chief executive Paul Williams said: "Old Street Quarter represents an exciting regeneration opportunity for one of the few remaining significant island sites in central London. 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."
Reporting by Iain Gilbert at Sharecast.com
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