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LONDON- Chelsfield has bought three more properties on London’s South Bank. Through a joint venture with Compco Holdings, it has paid St Modwen Properties £6.5 million ($9.25 million) for three investment/development properties in the Clink Street area close to Southwark Cathedral and Borough Market.

Chelsfield has been adding to its South Bank portfolio recently as it seeks to become the area’s dominant landowner. Property values have already risen considerably since the completion of the Jubilee underground line improved links with the rest of London. Clink Street itself lies on the main pedestrian route for visitors heading from London Bridge station to the Globe theatre and the Tate Modern gallery.

St Modwen has owned the propertires since the 1980s through its subsidiary Clarke London Properties. They have been refurbished but were always seen as medium term redevelopment opportunities. The company says the sale price reflects a substantial uplift on book value.

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