Taylor Wessing has advised its client Heron International on the sale of its prime development site, Heron Plaza, to Singaporean UOL Group Limited for £97m.

Heron Plaza will be UOL's first major development in London. Located off Bishopsgate, the Heron Plaza site provides unique planning consent to deliver a luxury new-build hotel and residential development in the City of London. Heron assembled the site and has prepared it for development over a fifteen year period, achieving planning consent for an iconic 44-storey tower, designed by PLP Architecture, a 5 star hotel, residential and retail units. UOL will build and operate the hotel element of the scheme through their 5 star Pan Pacific hotel brand which is part of the UOL Group.

UOL currently owns and operates 38 hotels, resorts and serviced suits in Asia, Oceania and North America.

Keith Barnett, Real Estate partner and Taylor Wessing Business Group Director commented: "The Heron Plaza site is destined to become another London landmark and further tribute to Heron's extraordinary ability to spot key, ground-breaking development opportunities over many decades."

Keith Barnett led the Taylor Wessing team which included partners, Russell Holden (corporate) and Peter Jackson (tax) as well as associates, Katie Bennett, Lucy Osler (corporate), Elena Giacon (property) and Neil McKnight (tax).