£1bn South Bank mixed-use development secures commitment from property consortium
The development of a £1bn ‘riverside neighbourhood’ in London has secured the support of a consortium of property specialists.
Mixed-use developer Native Land and its consortium partners Temasek, HPL and Amcorp Properties have committed to the project that aims to connect South Bank and Bankside.
The Bankside Yards development will bring 1.4 million sq ft of workspace, homes and independent retail units to a previously inaccessible part of London’s riverside between Tate Modern and Blackfriars Bridge, creating new pedestrian routes between Bankside and South Bank.
Alasdair Nicholls, chief executive of Native Land, commented: “Bankside Yards will draw together Bankside’s established cultural, commercial, retail and residential worlds around a new neighbourhood where people will work and live, visit or just spend time by the riverside.
“We are opening up an important piece of London with amazing transport connections and, as locally-based developers, we are keen to contribute to the rich mix of the area by creating a place that’s accessible, enjoyable and productive.”
The development is expected to include around 600 homes, as well as 50,000 sq ft of independent retail, restaurant and cultural space in 14 historic railway arches.
Work is currently underway on the development’s fully-funded first phase - known as Western Yard - which will deliver Arbor, a 230,000 sq ft headquarters-style office building.
Jay Squier, development director of Native Land, added: “Arbor will provide a new world class office within one of London’s most exciting neighbourhoods, with retail, eateries and culture right on the doorstep.”
“The building’s dramatic triple height reception and exposed steel frame sits above three historic railway arches creating a building rooted in the Bankside area.
“Once inside, collaboration and flexibility have been our focus, with eight terraces and two double height floors all designed utilising our experience in high quality residential developments.”
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