BDO in bid to save plan for £500m skyscraper
Administrators from BDO were this weekend trying to resurrect a plan to build a 558ft skyscraper on the South Bank of the Thames after Royal Bank of Scotland pulled the plug on the project.
BDO partners Shay Bannon and Sarah Rayment have been appointed administrators of the One Blackfriars project in central London, it emerged last week.
Planning permission has been secured for a tower containing an upmarket hotel and luxury flats, but the £500m project needs new finance. BDO said it was working with developer Stephen Beetham, head of the Beetham Organisation.
Beetham said that cash was needed to get the project moving.
'Any serious investors with more than £100m in spare cash should get in touch with me,' he told industry publication Estates Gazette. 'That's the sort of equity needed to get this moving again.'
BDO said in a statement: 'We are in discussions with the One Blackfriars management, creditors, property agents and planning advisers regarding the implementation of the current planning permission. We are considering a number of potential strategies with a view to maximising value.'
The difficulties faced by the scheme contrast with the fortunes of many other property developers who are pressing ahead with plans for London skyscrapers after a lull in their fortunes following the credit crunch.
Land Securities said on Tuesday that it was forming a joint venture with the Canary Wharf group to build the 'Walkie Talkie', a new tower on Fenchurch Street in the City, given that nickname because of its concave shape.
Heron International, meanwhile, secured finance earlier this year to build a 36-storey residential tower on Silk Street next to the Barbican complex.
Most watched Money videos
- Iconic Dodge Charger goes electric as company unveils its Daytona
- Mini celebrates the release of brand new all-electric car Mini Aceman
- Skoda reveals Skoda Epiq as part of an all-electric car portfolio
- Mini unveil an electrified version of their popular Countryman
- Land Rover unveil newest all-electric Range Rover SUV
- 2025 Aston Martin DBX707: More luxury but comes with a higher price
- How to invest for income and growth: SAINTS' James Dow
- Mail Online takes a tour of Gatwick's modern EV charging station
- 'Now even better': Nissan Qashqai gets a facelift for 2024 version
- Tesla unveils new Model 3 Performance - it's the fastest ever!
- Mercedes has finally unveiled its new electric G-Class
- The new Volkswagen Passat - a long range PHEV that's only available as an estate
- Elementis shareholder calls for boss Paul Waterman to quit
- Hipgnosis Songs Fund agrees £1.3bn takeover by Blackstone
- BUSINESS LIVE: FTSE 100 hits another peak; Ocado boss...
- MARKET REPORT: Frasers Group in fashion as it unveils...
- FCA at war with City over plan to 'name and shame' firms...
- First profit for Vinted as young shoppers turn their...
- Inflation 'brought to heel' as shop prices rise by just...
- The soaraway UK funds that even beat the mighty Warren...
- My dementia sufferer mother has been paying my brother...
- US private equity giant in £1.3bn swoop for troubled...
- Delivery app Getir pulls out of UK in major setback for...
- Petrofac delays results amid warnings it will miss bond...
- Online state pension top-ups FINALLY launch after This is...
- S4 Capital board shake-up as founding member retires...
- Tesla surges on hopes of Chinese self-driving deal
- BHP urged to improve its offer for rival Anglo American
- Britain is seeing the green shoots of a recovery, says...
- Charlotte Tilbury owner Puig set for £12bn Spanish float