Stanhope has teamed up with Cheyne Capital to take control of Landsec’s stalled London Bankside office scheme, with plans to restart construction in early 2026.

The £450m Row One development has been designed by Danish architect BIG at the former Red Lion Court site beside the old FT headquarters on the banks of the Thames.

The site has already been cleared by contractor Erith under former owner Landsec with planning already in place for 250,000 sq ft of next-generation office and retail space.

Enabling works will begin shortly, paving the way for a two-year main build programme. Mace had been in line for the £200m construction deal before Landsec pressed pause.

The 11-storey tower will deliver 235,000 sq ft of flexible workspace and 15,000 sq ft of retail and F&B space, with 18 riverside terraces, wellness facilities, 724 cycle spaces and 54 showers.

The all-electric building is targeting NABERS 5*, WELL Platinum and BREEAM Outstanding ratings, with Stanhope managing delivery.

Stanhope’s Joe Binns said the deal was a rare chance to secure a “de-risked, best-in-class” South Bank project as Grade A supply tightens.