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Land Securities sells Bankside 4 for 24.5 million

London SE1 website team

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.

in SE1
How our sister publication in SE1 reported news of Bankside 4 in April 2004

Property Week reports that the partners intend to turn the 2-acre industrial estate – currently let on medium-term leases to several small businesses – into a 125 million residential-led mixed-use scheme.

"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.

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