Called Row One, the development site is located on London’s South Bank and has planning consent for a 250,000 sq ft office tower.

Stanhope will be responsible for managing delivery of the site where demolition work has already completed.

The main contract programme is scheduled to commence 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.

In addition to office use, the development will offer retail and F&B space and 18 terraces with amenities such as a club room and wellness centre.

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

“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.”

Nick Grosse, director at 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.”