Global alternative investment manager, The Carlyle Group (“Carlyle”) has appointed Knight Frank to identify and secure a joint venture funding partner for its 1.4 million sq ft (130,000 sqm) Gross External Area (“GEA”) consented, mixed-use regeneration project on the South Bank of London’s River Thames. Carlyle is also launching the scheme today as Bankside Quarter.
Carlyle received planning permission for the 5.3 acre, 489-home residential-led mixed use development in March this year, and has mandated Knight Frank to formalise the process of selecting the best funding partner for the scheme after receiving unsolicited enquiries from a number of international investors from the Middle East, Asia Pacific and North America.
Situated directly opposite the City of London, Bankside Quarter is located on one of the most sought-after prime, riverside sites in central London and will mark a significant step forward in the ongoing renaissance of the South Bank. It provides a unique opportunity for an investor to take part in the creation of a new destination neighbourhood in the heart of London, comprising nine new buildings of between five and 48 storeys in height and 35,000 sq ft of new public space, including a central square and new gardens.
Carlyle intends to begin the first phase of the development next year, once funding is in place. This will involve the demolition of the current Ludgate House office building, upon receipt of vacant possession in March 2015, and the subsequent construction of a new 48 storey residential tower comprising 211 apartments, as well as a 17-storey residential tower right on the river’s edge.
Construction of the next phase will commence once Carlyle receives vacant possession of the Sampson House site in June 2018.
Once complete, Bankside Quarter will offer 489 private residential apartments, 288,000 sq ft net internal areas (“NIA”) of new offices, 26,000 sq ft NIA of retail and 16,500 sq ft NIA of cultural space.
Three of the new buildings will be on the western Ludgate House site, with the remaining six constructed on the eastern Sampson House site.
In addition to being less than five minutes’ walk to the City across Blackfriars Bridge, Bankside Quarter is extremely well connected to a number of public transport hubs. It is adjacent to the newly redeveloped Blackfriars station and in close proximity to Waterloo and Southwark stations. Furthermore, the project will dramatically improve the footpath along the River Thames and re-open parts of the Upper Ground thoroughfare for the first time in 150 years.
Commenting on the scheme, Mark Harris, Managing Director at The Carlyle Group, commented:
“Bankside Quarter will transform the area of the South Bank around Blackfriars over the coming years, and offers a once in a lifetime opportunity to regenerate a prime, central riverside site of significant scale in London. The development will be delivered in phases over a number of years, replacing the tired and inefficient existing office buildings with a vibrant, thriving mixed-use community and 489 spectacular new homes. Given its central riverside location, opposite the City, we believe demand for office, residential and retail space in this area will remain, strong, and that Bankside Quarter has the potential to generate substantial value for investors as the project is delivered.”