The final apartments at South Bank Tower have been sold to an international investor, reports CIT, the development manager for South Bank Tower.
The sale was advised by London-based real estate investment firm, Jackyl, for an amount in excess of £125m.
CIT has a long-term involvement in the reimagination of London’s south bank. Previous projects include the iconic Greater London Authority and Ernst & Young headquarter buildings at More London, and it will continue its work in Southwark following the recent acquisition of Vinegar Yard, a 0.6-acre former car park site on St Thomas Street.
Ed Nicholls, Head of Finance at CIT, said: “The latest purchase sees the end of the sales cycle at South Bank Tower and the completion of another landmark for Southwark, following the GLA and Ernst & Young HQs at More London. We continue to be invested in the future of the Southwark and look forward to being involved in its continued success.”
Residential sales at South Bank Tower were represented by CBRE and Savills. CBRE, assisted by Paradigm Land, advised Jackyl throughout the purchase.
Mark Collins, Chairman of Residential at CBRE UK, added: “South Bank Tower has received unwavering interest throughout the whole project cycle from investors and owner occupiers alike, who have appreciated the unique proximity to some of the world’s top higher education institutions, business districts and cultural hubs. The scheme has played an unprecedented role in transforming the South Bank neighbourhood and we anticipate that the tower will indefinitely remain one of the capital’s most iconic new landmarks.”
25/04/2018 14:54 by Buildington
The duplex apartment designed by Goddard Littlefair has won gold for the interior design at the London Design Awards.
Inspired by the spectacular views, in particular the sunset over London’s west end, the 3-bedroom 220m2 apartment features a colour palette of rusts, ochres, grey, oyster and soft blues, the main feature includes a breath-taking hanging sculpture and geometrical bronze fretwork panelling in the double height living space. The apartment was completed in late Spring 2016 and is spread over a west-facing corner location of the South Bank Tower building, on the 36th and 37th floors
The London Design Awards is organised by design100 a global community of 75,000 design experts that celebrate creative courage, recognise design excellence and grow demand for design. In total 44 Gold Awards and 60 Silver Awards were recognised this year in the multi-disciplinary awards program across categories from architecture and interior design to digital, product and service design.
Via CIT cit.co.uk, for more information about the London Design Awards visit design100.com.
25/11/2016 09:28 by Buildington
South Bank Tower has now been officially completed, reports contractor Mace.
The 42-storey high tower was originally built in the 1970s and named King’s Reach Tower. The project has extended the building by 11 storeys and reduced the original concrete core by 50%.
The development now offers amazing views across the London skyline, including 193 luxury apartments, 370,000ft² of offices and 72,000ft² of retail space, 24/7 concierge, a 25m swimming pool, 10,000 ft2 communal roof terrace, residential lounge, gym, screening room and business lounge.
Mace carried out the main construction work starting in 2012 and the project has achieved BREEAM Excellent as well as reaching in excess of 2 million RIDDOR free hours.
The project has overcome intense technical challenges and required perfect alignment between Mace, US architect Kohn Pedersen Fox Associates (KPF), the project’s engineers AKT II, Grontmij and the whole supply chain. The conversion of the development from office to residential use has required extensive cut and carve work. The building used the highest temporary external staircase in London during construction as well as the tallest tower crane in London.
Shaun Tate, Mace Project Director, said: “The north core was critical as both the basement and level 10 plant rooms were needed early. To achieve this the core was constructed on temporary plunge piles at B1. The core was then built up as the B2 plant room was simultaneously constructed beneath it. The B2 core walls were infilled afterwards. The top of the tower also had to be considered relative to the new load path impacting from the top down through the original structure. The core was formed using a ‘slipform’, which introduces significant temporary loads which needed to be dissipated through the existing structure, prior to the permanent load path becoming effective.”
“It’s been fantastic working on this project which has involved a lot of innovation and collaboration,” adds Tate. “I have learnt a lot personally and will take these learnings with me to other jobs and projects. The wider team can also take away some great lessons and it’s a job well done to all of them. Everyone who worked with us including consultants, suppliers, engineers and KPF did a great job. Of course there have been challenges but with the team’s commitment we have now completed the project, which stands proud in the heart of the South Bank. I also want to thank the local residents and businesses for their ongoing support throughout the build.”
Steve Riddell, Director of Developments at CIT, said: “CIT are very pleased that South Bank Tower achieved Pratical Completion on 29th April 2016. Mace have successfully delivered a very complex construction project which entails extensive re use of existing structures, basement construction adjacent to 100 occupied flats, new built construction and a 11 storey extension of an existing 31 storey tower. It also includes mixed uses - office, retail and 193 luxury flats. This project was extremely challenging and Shaun and his team have delivered it to the highest quality, safely and on time. CIT wish to congratulate Mace on the successful delivery of one of our most important flagship developments.”
17/05/2016 16:37 by Buildington
CBRE has been appointed by Hermes Real Estate and Canada Pension Plan Investment Board as part of their London joint venture, to manage 220,000 sq ft of office space at the South Bank Tower in London.
The Tower, formerly King’s Reach Tower, is a 269,000 sq ft mixed used development in the heart of London’s Southbank and will rise 41 storeys above the Thames upon its completion in May 2016. In addition to the office space, the Tower will provide 191 luxury residential apartments and 36,000 sq ft of retail and restaurant space.
CBRE will be responsible for the day-to-day management of the site and will work alongside Hermes Real Estate, as asset managers on behalf of the joint venture partnership, to support the redevelopment of the site between Autumn 2015 to 2016. This will include site mobilisation, design management and the implementation of operational controls, such as service charges, for the whole Tower.
Ian Cody, Asset Manager, at Hermes Real Estate commented:
“The South Bank is rapidly becoming a destination of choice for commercial tenants with its excellent infrastructure and transformed environment. Our partnership with CPPIB at the South Bank Tower puts us at the heart of this thriving area and we are confident CBRE will help us achieve the high quality service and accommodation required for this world class office destination.”
David King, Chairman, UK Asset Services at CBRE, said:
“London’s Riverside continues to develop at an astounding rate, and is unrecognisable from just a decade ago, with a plethora of first class occupiers thriving in this major mixed used development area. The premier location, fantastic infrastructure and excellent transport links continue to attract new investment and by 2016 the Riverside is expected to provide 20,000 new homes and 25,000 additional jobs. It is hugely exciting to be part of this project and we look forward to working closely with the team at Hermes Real Estate, to ensure we demonstrate our forward thinking property management capabilities so the site delivers for its occupiers.”
17/11/2014 19:29 by Buildington
New photos of South Bank Tower!
05/11/2014 10:31 by Buildington
Hermes Real Estate and Canada Pension Plan Investment Board (CPPIB) have agreed to acquire the offices and retail elements, along with the residential ground rent income, of South Bank Tower by way of a forward commitment to purchase from joint venture owners, Jadwa Investment and CIT Group.
South Bank Tower, which was previously known as King’s Reach Tower, is a mixed-use scheme that involves the redevelopment of the original Seifert designed building. The scheme is set for practical completion between October 2015 and May 2016 and will comprise circa 269,000 sq ft office and retail accommodation, along with 191 residential apartments. All of the residential apartments will be accommodated in a tower that will have been extended by 11 stories to provide a total of 41 floors.
Chris Taylor, Chief Executive, Hermes Real Estate said: “Hermes Real Estate continues to deliver exceptional returns for its investors and has a reputation in the market for innovation and deliverability. Moreover, we have demonstrated our continued ability to source opportunities off-market and acting decisively backed up by our conviction on understanding how occupiers assess real estate.
“South Bank Tower is a major mixed-use development in a thriving part of London’s Riverside which is proving attractive for residential and commercial occupiers alike; it is located within the improving cluster of mixed-use developments which have transformed the area between Westminster Bridge and Tower Bridge along the South Bank and which is rapidly becoming a destination of choice for major occupiers attracted by proximity to excellent infrastructure, an attractive environment and access to a wide variety of retail, leisure and cultural outlets.”
George Kyriacou, Managing Director, from CIT Developments LLP, said: “Having already exchanged contracts on 132 of the 191 apartments without an official ‘launch’ yet, we are absolutely delighted with progress. Our residential marketing suite is due to officially open this September. The presale of the commercial parts of the building further cements the success of the project for us.”
Source: CIT www.cit.co.uk June 13, 2014
17/06/2014 22:46 by Buildington
Mace has erected two giant ‘Macetaches’ on South Bank Tower in support of independent global charity Movember. The largest of the two colourful additions is 10m x 2m, with the other at 4.8m x 1.55m.
The Movember charity campaign helps raise vital funds and awareness for prostate and testicular cancer and mental health. Mace has supported the campaign for the last five years and this year activities are taking place at Mace project sites around the world in an effort to raise £25,000. If this target is achieved, match funding of £10,000 will be given by the Mace Foundation, a charitable trust set up to increase the support Mace offers to charities and not-for-profit organisations. Last year Mace raised £21,500.
Mace’s Chief Operating Officer for Construction, Gareth Lewis said: “This is the fifth year that we have supported Movember and I am so impressed by the sheer level of enthusiasm from across our sites to come up with imaginative ideas to raise awareness and the all-important funds.”
George Kyriacou from CIT who are developing South Bank Tower said: “We are happy that our iconic South Bank Tower development, with its prominent location on London’s skyline, can play its part in fundraising for such an excellent cause.”
Mace is currently providing construction delivery services to transform the existing 31-storey mixed-use South Bank Tower by introducing eleven additional floors with 199 high-end luxury apartments, commercial office and retail units.
Source: Mace www.macegroup.com 1. November 2013
04/11/2013 11:37 by Buildington
11/07/2013 10:03 by Buildington
South Bank Tower mixed use development - New on Buildington!
13/06/2013 15:52 by Buildington