Kings Reach redevelopment to start 2013
A recent trend in London is the inward flow of Middle-eastern money helping to kick-start stalled developments.
The latest venture to receive a lifeline is the Kings Reach Tower redevelopment on the South Bank, SE1. Developer CIT Group has accepted £250 million from a group of Middle-eastern investors meaning that contractors can finally be signed.
The former IPC Media HQ is currently vacant, looking drab and neglected.
The redevelopment will see six extra storeys added to the 30 storey tower, with floors 11 to 30 being converted from office to residential to create a total of 173 apartments. At the base of the building a new ten-storey building will house 425,000 sq ft of office space and 46,000 sq ft of retail space fronting Stamford Street. A new roof garden will top this low-rise extension, as shown below.
Construction is expected to begin next year and should be complete by 2015.
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