20 September 2013 – Property Week
The Reuben Brothers have sold a site next to the Tate Modern – once earmarked for 400,000 sq ft of mixed-use development – to Delancey, Property Week can reveal.
It is understood Delancey has paid around £55m to buy 185 Park Street, the former headquarters of the National Grid on the South Bank, near to Southwark Bridge.
Property Week understands Delancey exchanged and completed more than a week ago on the off-market purchase, where the Reubens failed to secure consent in 2007 for an Eric Parry-designed scheme of more than 358,000 sq ft.
The plans had a potential end value of £200m and included a 125,000 sq ft 24-storey residential tower and around 210,000 sq ft of commercial space.
Planning has already been received for over 100,000 sq ft, but the Reubens missed out on the bigger consent at appeal.
Leases at the site, which contains around 80,000 sq ft of fully-let office space, expire in 2018, when Delancey would aim to embark on a fresh development.
All parties declined to comment.