Development Securities has bought the Hammersmith Grove site in West London from London Underground.
DevSecs, with its funding partners Royal London and the National Bank of Dubai, has already submitted planning for a 360,000 sq ft office-led scheme at the 1.5 acre site, which is adjacent to Hammersmith and City line underground station.
The site, which is currently a car park, will have a projected end value of £250m when it is completed in spring 2010. The scheme, designed by Hamilton Architects, includes 325,000 sq ft of offices, a 20,000 sq ft cinema and 15,000 sq ft of retail, as well as an area of public space.
DevSecs has a 39% stake in the site, bought through a Jersey property unit trust. If the investment is maintained at this level, a further £3m of investment will be required into the 26-month construction period.