Native Land is to acquire a London South Bank site for £308 million.

The transaction will result in the creation of the new Bankside Quarter, a 1.4 million sq ft residential, office and retail development, which will further enhance an area undergoing a transformation through a raft of other improvements.

The expanded Tate Modern, the new Blackfriars Station linking the north and south bank of the River Thames and the recently opened Mondrian hotel have already combined to make the area a new London location.

A planning consent for the redevelopment of the 5.3 acre site, designed by PLP Architecture, was secured by Carlyle in March 2014 and comprises permission for 489 apartments and 288,000 sq ft of offices, as well as retail, leisure and cultural facilities. When completed, the project will comprise five residential buildings and four office buildings.

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The development will rise from 13 to 49 storeys and will create new routes reconnecting the eastern and western sides of a railway viaduct where the existing buildings have formed an impermeable barrier through the site since the 1970s.

The planning consent also ensures a payment in lieu of affordable housing of £65 million payable to Southwark Council.

Alasdair Nicholls, Chief Executive of Native Land, commented on behalf of the consortium: "The development of the Bankside Quarter will set the seal on London’s finest emerging location. By unblocking routes through this strategically important site as well as significantly enhancing the public realm the area will become even more popular for residents, businesses and visitors from across the globe."

(CD/MH)