Slaughter and May advised Grosvenor Britain and Ireland (Grosvenor) on the acquisition of 8.2 acres of land from Workspace Group PLC (Workspace) at the Tower Bridge Business Complex in Bermondsey, Southwark for £51million. Planning consent has been granted for the construction of 800 new homes, affordable housing and a new public park on the site.

Completion will be on a phased basis as vacant possession of the site is obtained with the final phase due to be drawn down in 2016. As part of the arrangements, which were signed on 23 October 2013, Grosvenor will design and develop a new office building for Workspace on part of the Tower Bridge Business Complex retained by Workspace and will be responsible for the development and management of integrated infrastructure across the combined site.

CONTACTS

Real Estate: David Waterfield (partner), Andrea Shepherd (associate), Roopa Modi (associate), Marie Mulligan (associate), Nicholas King (trainee), Katie Lewis (trainee)