A Catalyst Capital-led consortium is selling a development site in Southwark that could provide a new 30-storey tower for the area.
Catalyst, Schroders and Deutsche Property Asset Management have instructed Savills and Fineman Ross to sell the freehold of 46-49 Blackfriars Road, SE1 – a vacant office and car-park site.
The site has not been given a guide price, although it is expected to fetch between £20m and £30m because of its high-rise development potential.
Indicative studies have suggested it could make way for a 30-storey residential-led tower, which could include 140,000 sq ft of flats, 25,500 sq ft of offices and 2,500 sq ft of shops.
Savills director Simon Stone said: “The site works well for a residential scheme, although recent deals in Southwark, such as the RBS letting at Bankside, show the increasing importance of the area as an office location.”
A tower scheme will add to a burgeoning number of high-rise proposals for the area.
Beetham Organisation has received planning approval for its 52-storey tower on Blackfriars Road, SE1, while Great Portland Estates has consent for a 15-storey scheme at 240 Blackfriars Road.
Private Israeli investor Gill Levy is also awaiting planning approval for a 42- and 23-storey scheme at 20 Blackfriars Road, which his vehicle bought from Land Securities for £90m in July.
