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Concord Pacific Group enters joint venture on Principal Place tower in Shoreditch

Concord Pacific Group has entered into a 50:50 joint joint venture with Brookfield Office Properties on the 50-storey residential tower planned at Principal Place in London.

The resi element of the scheme has been designed by Foster & Partners and incorporates 243 apartments, at around 200,000 sq ft.

It will sit alongside a larger office building, which was put on hold in January last year, with Skanska and Sir Robert McAlpine in advanced talks with developer Hammerson, after law firm CMS Cameron McKenna pulled out of tenancy negotiations.

A 15-storey office block will also be built, with both buildings overlooking a new public piazza.

The joint venture does not include the 600,000 sq ft office building being planned for the same site, which will be fully owned by BPO.

BPO will take on development and project management work, with Concord Pacific working on sales and marketing with support from W1 Developments Inc.

Martin Jepson, president and chief operating officer of BPO’s European commercial operations commented: “This new joint venture partnership makes sound commercial sense, combining Brookfield Office Properties’ experience of managing the design and development of large tower projects with Concord Pacific’s strong track record in the residential market.

“We look forward to forging a strong and profitable partnership together.”

Terry Hui, president and chief executive at Concord Pacific commented: “I am extremely pleased to partner with Brookfield Office Properties on this exciting new venture. Our history in delivering high-quality residential and community developments, in partnership with Brookfield Office Properties’ strong track record in large scale office and multi-use schemes, is a compelling proposition for both prospective corporate and residential tenants in this project.”

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