Black Pearl is reviewing its options for its £1bn mixed-use development on a site of around two acres on Blackfriars Road, SE1.
The subsidiary of Malaysian property development company IGB Corporation Berhad has appointed CBRE to advise it on funding and delivery options for the site, which has been empty since the last buildings on it were demolished in 2017.
Black Pearl was given planning approval by Southwark Council last June for the erection of six buildings ranging from five to 53 storeys. The tallest tower will house up to 288 residential units, and there will be 64 affordable units located within a dedicated building on the site, plus a further 35 affordable units off-site within the borough.
The development will also create around 370,000 sq ft of office space in a 31-storey tower. It will feature retail units, restaurants, cafés and bars, including a public rooftop restaurant and bar with an external roof terrace on top of the office tower.
The scheme has been designed by architects WilkinsonEyre and Brisac Gonzales.
The development, which sits behind Berkeley Group’s St George’s residential scheme One Blackfriars, will also feature a new live music venue.
The South Bank has been in hot demand in recent months, tempting Landsec out of its acquisition hiatus with its purchase of 25 Lavington Street and pulling in investment from the likes of US private equity firm Starwood Capital.
Alastair Perks, senior director, central London development at CBRE, who is leading the advisory team, said: “The development of this exceptional site by our client will deliver a world-class, mixed-use scheme in a submarket that is currently very much in demand.”
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