Stanhope and US hedge fund the Baupost Group have beaten off competition from the likes of Canary Wharf Group to be chosen as the preferred bidder and partner by Guy’s and St Thomas’ Charity to develop a 5.5-acre site in Waterloo.
The site has the capacity for over 1.5m sq ft of space and will be redeveloped to provide a commercially-led, mixed-use scheme.
Guy’s and St Thomas’ NHS Foundation Trust will prelet 350,000 sq ft to house a new outpatients facility and clinical office space to facilitate the development.
It was put on the market in September last year with a price tag of £200m and is understood to have gone for in excess of this figure. However, the exact price to be paid by the joint venture will be based on the future planning consent.
The money generated from the sale of the site is expected to help the charity improve the healthcare in Lambeth and Southwark.
Kieron Boyle, chief executive of Guy’s and St Thomas’ Charity, said: “We believe that, in Stanhope and Baupost, we have found partners who share our vision and ambition to deliver a world-class scheme for London.
“We have been impressed by their approach and track-record, as well as their clear commitment to engaging our local communities in a scheme we hope will become an exemplar of health and wellbeing in the built environment.”
Aldous Hodgkinson, the Stanhope director who led the bid for the joint venture, added: “We share the charity and the trust’s vision and desire to deliver a scheme that respects the local context, while supporting a new med-tech-based knowledge cluster of international scale and significance.”
JLL and Ashurst advised Stanhope and Baupost Group; Savills and Macfarlanes advised Guy’s and St Thomas’ Charity.
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