Hines has completed the off-market acquisition of a 1.8-acre development site at 18 Blackfriars Road.

The vacant site, which has planning consent for a mixed-use scheme, has been bought for an undisclosed price.

Hines predicts the site will have a gross development value in excess of £1 billion once completed.

Foster and Partners have been appointed as architects. The development will be led by Hines and is working with Lipton Rogers Developments.

Ross Blair, Senior Managing Director and Country Head of Hines UK, commented: “We are thrilled to have secured what is undoubtedly one of the most sought-after development opportunities in London. With the site in our ownership, we are focused on working with the London Borough of Southwark and local stakeholders to ensure its potential is maximized having sat vacant for so long. This will be a development for the next generation, addressing social, technological and environmental challenges our industry faces moving forward.

“The site represents another acquisition in a super prime location in the heart of London, illustrating our commitment to the future of the capital as a leading global city.”

Cushman & Wakefield, Knight Frank and Bryan Cave Leighton Paisner advised Hines, with CBRE and Boodle Hatfield advising the seller.