CIT and Union Car Parks have exchanged contracts with Network Rail to buy a 0.6-acre development site on St Thomas Street in London Bridge, SE1.
The former car park site, known as Vinegar Yard, is owned by Network Rail and currently used as a work compound for the redevelopment of London Bridge station.
CIT and joint venture partner UCP plan to regenerate the site into a mixed-use development that will complement the ongoing enhancement of St Thomas Street and the wider transformation of the London Bridge area.
CIT has delivered a number of developments in Southwark, including the transformation of South Bank Tower, SE1, and the Greater London Authority and Ernst & Young headquarters buildings at More London, SE1.
Kohn Pedersen Fox has been appointed as architect for the project.
CIT and UCP will now begin work on proposals for the site, with plans expected to be submitted in 2018.
Craig Johnston, chief operating officer of CIT, said: “The Vinegar Yard site represents the latest in a series of CIT projects on the South Bank, an area that has seen significant growth – both residentially and commercially – over the past decade.
“It is an exciting new opportunity to bring forward a mixed-use scheme in this well-established business district and be a part of one of the capital’s most prominent regeneration areas.”
David Biggs, managing director of Network Rail Property, said: “This deal is a terrific example of Network Rail partnering with the private sector to unlock land for mixed-use development while generating funds to reinvest back into the railway.
“Development on railway-owned land, particularly around stations, helps support positive regeneration in our towns and cities and is a major catalyst for the creation of jobs, housing and economic growth.”
Network Rail is currently rebuilding London Bridge station as part of the Thameslink Programme.
The final section of the new street-level concourse and newly rebuilt platforms 1-5 will open on 2 January, 2018.
January marks the start of the final countdown to the completion of the station with better facilities, new journey options and – throughout 2018 – a vast array of retail facilities to continue the regeneration of the area.
Network Rail was represented by JLL.
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This article was first published on 30 November.
