Boodle Hatfield acts on the sale of £1 billion development site

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05 Nov 2021

Boodle Hatfield acts on the sale of a prime Central London development site with a development value in excess of £1 billion

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Boodle Hatfield LLP have advised on the sale of 18 Blackfriars Road, a development site in a prime Central London location which has planning consent for a mixed-use scheme with an estimated gross development value of in excess of £1 billion.

Boodle Hatfield acted on behalf of the vendors, Verokey SDN. BHD., a subsidiary of IGB Berhad, and Tower Ray Limited. The 1.8-acre development site has been acquired by Hines, an international real estate firm, who were advised by Bryan Cave Leighton Paisner, led by Chris de Pury, Cushman & Wakefield and Knight Frank.  CBRE acted for the sellers.

Boodle Hatfield acted for the vendors which have owned the site since 2014, and have advised over the life of the project since then. The original construction, a Sainsbury’s depot from the nineteen hundreds, was demolished in 2015 paving the way for a new multi-purpose development which will be one of the most significant mixed-use developments in London.

The Boodle Hatfield team was led by Real Estate Partner, Andrew Wilmot-Smith and Corporate Partner, Nigel Stone and included expertise from Corporate Associate, Hilary Wilkinson, Trainee, Ruby Dyce, Real Estate Senior Associate, Sophie Henwood, Tax Partner Sara Maccallum, Tax Associate Ellen Wildig, and Construction Associate Oliver Johnson.