DLA Piper advise Cheyne Capital and Stanhope on GBP450 million South Bank office development

DLA Piper has advised Cheyne Capital and Stanhope plc, through a newly formed joint venture (JV), on the acquisition of the Red Lion Court office development site from Landsec. The firm also advised Cheyne on the formation of the JV itself.

The fully consented scheme, known as Row One, is set across a 1.24 acre site and will comprise two basement levels and 11 floors above ground, delivering c. 235,000 sq ft of highly flexible office space with generous floor to ceiling heights, along with 15,000 sq ft of retail and F&B space.

The finished scheme will include 18 terraces, most overlooking the River Thames, a world class amenity provision featuring a club room and wellness centre, as well as market-leading end of trip facilities, including 724 bike spaces and 54 showers, and a carefully curated new public realm.

Stanhope will take responsibility for managing delivery of the scheme, with the demolition works already completed. The main construction is scheduled to begin in early 2026 following enabling works, with an estimated two-year build period.

DLA Piper advised across a broad range of areas from Corporate, Finance, Tax, Real Estate, Planning and Construction. The team, working on the JV and transaction was led by partners Lorna Edwards (Corporate), Jonathan Northey (Real Estate), Christopher Chan (Finance) and Stephen Malley (Construction). They were supported by Associate Ellie Carter (Finance), Legal Director Gemma Grunewald (Tax), Senior Associate Dhaksha Giga, Associates Jake Manton and Matthew Manwaring (Corporate), Legal Director Sally Whitney and Senior Associate Chris Barker (Real Estate) and Associate Lotte McGuire (Construction).

Christopher Chan, Head of Real Estate Finance, commented: “The team at DLA is delighted to have been able to support both the Cheyne and Stanhope teams on this landmark scheme, providing advice across the full spectrum of legal services. It’s great to see continued investment in the London office space and the confidence that key players such as Cheyne and Stanhope have. We are excited to see this build out over the coming months.”

In 2024 DLA Piper’s international firms advised on Real Estate deals worth over EUR31.6bn. The volume and complexity of deals on which it has consistently advised put us at the forefront of providing legal advice to the real estate sector and enables us to share our market knowledge and find creative solutions for our clients that help them achieve and exceed their goals.