Surrounded by the OXO Tower and Sea Containers House, the 30 storey tower will be the centrepiece of a major mixed-use development.
To enable the start of the in Southbank office scheme, the JV partners sought £250m funding from a Middle Eastern consortium that includes ABC International Bank and the Mohamed Al Subeaei & Sons Investment Co. of Saudi Arabia.
CIT’s development managing director, George Kyriacou that the “development represents a major step in the regeneration of the South Bank. We are delighted to have worked with funders from the Middle East to get this project to the point where we are ready to start on site.”
With the development finance now in place, MACE is set to be appointed as the Project Manager to oversee the construction of the Kohn Pedersen Fox-designed scheme. The existing tower was designed by Sir Richard Siefert and build in 1972. Formerly the headquarters of the magazine publisher IPC Media, the SE1 office rental has remained empty since 2007.
Jadwa’s managing director, Ahmed Al-Khateeb commented that: “Acquiring Kings Reach Tower back in 2010 and developing the tower demonstrates our belief in the London real estate market and in the investment opportunity it represents to us.”
Last October, Southwark Council granted planning permission for the re-cladding of the 1970s structure and an upward extension of a further six storeys. The complex redevelopment process will involve reconfiguring the internal layout and re-cladding the enlarged tower with vertical fins. Once completed the 30 storey tower will be split between homes and businesses, with residential apartments occupying all the floors above the 11th floor.
Overall, the King’s Reach Tower development will house 173 private flats and 370,000 sq ft of South Bank office space to let in SE1. The scheme also includes over 70,000 sq ft of retail space, alongside the addition of stylish pool and gym.