London SE1 website team

Problems for developer of Tate’s controversial neighbour

London Town, the property developer planning a 20-storey block next to Tate Modern, has announced losses widened from £456,000 to £4.48m for six months to June.

tate tower
Impression of the new Hopton Street development

London Town says: "In the absence of disposals or the securing of further sources of funding, the company would be unable to continue trading." The statement also indicated that the developer "expects to continue incurring losses for the foreseeable future." 2m of the costs are related to the proposed Hopton Street site alongside the Tate.

A 2.17 equity fundraising is planned in an effort to repay short term debt.

Bankside residents opposed to the skyscraper have secured a judicial review of the planning decision which will be heard in the High Court next year.

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