The joint developers of a £210m mixed-use redevelopment scheme in Southwark have officially launched the search for a buyer and funding partner on the project.
U+I and Transport for London jointly obtained planning permission for the Liberty, a 200,000 sq ft mixed-use scheme on Southwark Street, SE1, last year.
Now they have appointed Savills to find a buyer for the site, who would also need to cover the longer-term construction costs of the project.
The all-inclusive cost of the Liberty is expected to come in at £210m, while the estimated value of the 299-year long leasehold of the site is believed to be nearer to £60m.
Sitting between Borough Market and the Shard, the scheme is to be led by a 159,874 sq ft landmark office building at 20 Southwark Street, arranged over 10 stories, including basement, ground, and eight upper floors, with terraces near the top.
It will also include permanent retail space at the neighbouring 15 Southwark Street, a building which has been derelict for more than 15 years, plus a local market with nine stalls, 36 new homes and public realm improvements across the 1.7-acre site to the south.
Of the residential element, 50% of the new homes will be affordable while 12 will be at social rent. There will also be a new community garden and play space, as well as more new cycle spaces.
It is one of the south bank’s longest standing undeveloped sites, and includes Crossbones Graveyard, a disused post-medieval burial ground believed to contain around 15,000 bodies.
Developers hope the building will be zero carbon in operation, with low embodied carbon targets and a BREEAM Excellent rating. The scheme was designed by architects at Allies and Morrison.
As part of any proposed deal, U+I would stay on as development manager, handling procurement and lettings.
EG has contacted U+I and TfL for comment. Savills declined to comment.
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