LONDON (Alliance News) - Northacre PLC said Friday it has inked a development management agreement with BL Development Corp under which it will be the development manager for 10 Broadway in London until the end of 2016.
The agreement has the opportunity to be extended. Under the deal Northacre will be entitled to a fixed development management fee and a performance fee. No further financial details were disclosed. 10 Broadway is in Westminster near St James's Park tube. The building is New Scotland Yard, the headquarters of the Metropolitan Police Service.
"10 Broadway's enviable location, and far reaching views, coupled with Northacre's track record of delivering unparalleled developments will ensure this will be the leading high end mix use development in Prime Central London," said Chief Executive Officer Niccolò Barattieri di San Pietro in a statement.
Shares in Northacre are untraded Friday. It last closed at 58.00 pence.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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