Slovak developer and investment group J&T Real Estate has entered the London property market for the first time, buying a property in the South Bank where it plans to build flats, offices, shops and a cultural space worth £400mn (€452mn), the company said on July 14.

The property is at 185 Park Street near to the Millennium Bridge and Tate Modern. J&T Real Estate will cooperate with a local developer of luxury properties, Sons & Co. The project will include 163 flats, around 8,100 square metres of offices, 920 square metres of shopping space and 1,550 square metres of cultural space.

“The project is an important milestone both for J&T Real Estate and Sons & Co. It is also important for us that we enter the British developer market with this imposing project,” said J&T Real Estate founder and chairman of the board Peter Korbacka.

“185 Park Street is in a place seen in the context as a culturally sensitive. It is also a location with an enormous potential and we anticipate it will be one of the most expected projects in central London.”

According to J&T Real Estate, the cultural area is expected to be used by the Shakespeare's Globe Theatre.

“Our future cooperation with J&T Real Estate accompany high enthusiasm and expectations,” said an executive director of Sons & Co. Alex Stocker.

The project will include three high-rise buildings in total, and was designed by British Squire & Partners studio. The preparatory work should start in the third quarter of 2018, the construction by 2019, and the site should be ready in 2022.

As part of the building permit agreement, J&T Real Estate will build a retirement home in Southwark Park Road with 57 flats, which will be handed to United St. Salvator charity after completion.