Brookfield Office Properties has formed a 50:50 joint venture with Concord Pacific to develop its 50-storey residential tower at Principal Place, EC2.
The residential tower element of the scheme has been designed by Foster & Partners and includes 243 flats over roughly 200,000 sq ft.
Both the resi tower and a 15-storey office building will overlook a new public piazza bordered by shops, cafes and private apartments.
The new joint venture does not include the 600,000 sq ft office building planned for the same site, which will remain 100% owned by Brookfield.
Brookfield will take responsibility for the development and project management work on the residential tower and Concord Pacific will undertake the sales and marketing activities with support from London housing developer W1 Developments.
President and chief operating officer of Brookfield’s European commercial operations Martin Jepson said: “This new joint venture partnership makes sound commercial sense, combining Brookfield Office Properties’ experience of managing the design and development of large tower projects with Concord Pacific’s strong track record in the residential market. We look forward to forging a strong and profitable partnership together.”
Concord Pacific president and chief executive Terry Hui said: “I am extremely pleased to partner with Brookfield Office Properties on this exciting new venture.
“Our history in delivering high-quality residential and community developments, in partnership with Brookfield Office Properties’ strong track record in large scale office and multi-use schemes, is a compelling proposition for both prospective corporate and residential tenants in this project.”
nick.whitten@estatesgazette.com
