3rd Oct 2013 08:21
LONDON (Alliance News) - Development Securities PLC Thursday said it has secured an option agreement on Algarve House, a vacant, derelict office building on The Cut adjacent to Southwark underground station for GBP8.0 million for the development of an office-led regeneration project.
The property development firm said the option agreement will be paid in phases over the next 18 months with an initial payment of GBP2.3 million having been made.
Development Securities said it is exploring options to secure additional land to maximise the development potential of the site, while the "masterplan" for the site is currently being developed and a planning application is expected to be submitted in 2014.
"We see Southwark as a strong market for office development and the site is extremely well positioned being adjacent to Southwark underground and close to Waterloo," Executive Director, Julian Barwick said in statement.
"Our proposals for the site draw on our expertise in taking derelict or otherwise redundant land and creating value through a process of regeneration," he added.
The stock was trading at 202.00 pence Thursday, up 1.75 pence or 0.9%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
Copyright 2013 Alliance News Limited. All Rights Reserved.
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