Derwent London has formed a strategic partnership with developer Related Argent to regenerate a major site in the city's Old Street Quarter, the real estate investment trust said Tuesday.
The companies will initially work to secure planning consent for a substantial mixed-use, living-led campus on the 2.5-acre central London site, which Derwent London expects to acquire in late 2027.
A range of uses are being considered for the development, including residential, student accommodation, office and hotel space, according to the company.
The master plan will be structured to allow for future delivery options such as joint ventures, forward funding or plot sales, Derwent London said.
"Old Street Quarter represents an exciting regeneration opportunity for one of the few remaining significant island sites in central London," Chief Executive Paul Williams said in a statement.
"I am confident that together we can deliver a planning consent which will maximise the value of the site."
Derwent London, the largest London office-focused REIT, holds a commercial real estate portfolio valued at 5.2 billion British Pounds as of June 30.
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