Land Securities has sold its Bankside 4 site in Sumner Street - intended for a Richard Rogers Partnership-designed residential tower - to Grosvenor and Clan Real Estate for £24.5 million.
How our sister publication in SE1 reported news of Bankside 4 in April 2004
"The scheme will be predominantly residential but there will be opportunities for commercial space at ground level," said Alasdair Nicholls, managing director of Native Land, who together with Buccleuch are partners in Clan Real Estate.
New architects for the scheme will be appointed this autumn, with a planning application likely to be submitted in early 2006.
The new owners have pledged to work with Land Securities to ensure continuity and integration with Land Securities' other Bankside developments.
"We are heavily involved in Southwark, and the arrangements on Bankside 4 will assist in bringing forward the development of other Bankside buildings," said Mike Hussey, managing director of Land Securities' London Portfolio.