The Beetham Organization has completed the acquisition of 1 Blackfriars Road in London's Southwark for more than £50m
The developer has proposed a 52-storey mixed-use tower on the site, which was previously owned by Sainsbury’s. The £600m scheme is awaiting planning permission. Following consent, completion of the scheme is expected by 2011.
Beetham initially exchanged contracts on the site in 2004. In September 2006, it agreed a 25-year conditional management contract with Jumeirah Hotels to run a six-star hotel in the development.
Berwin Leighton Paisner advised Beetham.