CBRE has finalised the sale of the Beetham Tower project on London's south bank of Thames to the Berkeley Group, the adviser confirmed on Friday.

The transaction was first reported by PropertyWeek, which put the price for the 1.4-acre freehold site at £85 mln (EUR 98 mln). The plot has a building permit in place for the development of 64 luxury flats and a 261-bedroom hotel, with the completed project expected to be worth up to £700 mln.

The 52-storey tower development at One Blackfriars was formerly owned by entrepreneur Stephen Beetham and Russian company Mirax, before being put into administration by a consortium of lenders including the Royal Bank of Scotland.

CBRE was hired to market the plot of land over the summer.

Administrator BDO was appointed in October last year after the owners failed to renegotiate £60 mln of debt secured against the project.