Derwent London has formed a strategic partnership with Related Argent to develop one of the last major island regeneration plots in central London at Old Street.

The developer expects to complete the site acquisition in late 2027 after early studies confirmed potential for a substantial mixed-use campus across the 2.5-acre former Moorfields Eye Hospital plot, near the Silicon Roundabout.

Under the new partnership, both firms will work towards planning consent for a ‘living-led’ scheme, exploring a range of uses including residential, co-living, student accommodation, offices and hotel space.

The masterplan will be designed to give Derwent London flexibility on future delivery routes — from joint ventures and forward funding to individual plot sales.

Related Argent’s track record in large-scale regeneration, including King’s Cross and Brent Cross Town, was a key factor in its selection through a competitive tender.

Paul Williams, chief executive of Derwent London, said the Old Street Quarter represented “an exciting regeneration opportunity for one of the few remaining significant island sites in central London.”

He added: “We have actively explored a number of options to ensure we deliver the best possible regeneration and, as part of a competitive tender, Related Argent showcased their extensive experience in master planning this type of large-scale project.”

Tom Goodall, chief executive at Related Argent, said: “Together, we will draw on our collective experience leading complex, mixed-use developments to successfully bring forward this site — propelled by a shared ambition to bring long-term value to London.”