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    £170m of Development Finance Received for “Project Bankside”


    In one of the largest funding deals since the summer, Native Land and Grosvenor have secured £170m of development finance for their joint venture scheme, provisionally known as ‘Project Bankside’, from the Real Estate team at Bank of Scotland Corporate.

    ‘Project Bankside’ is one of the most coveted residential development sites in London, adjacent to Tate Modern and its proposed ‘TM2’ extension, overlooking the River Thames, designed by world-renowned architectural practice Herzog and de Meuron.

    Native Land and Grosvenor have also confirmed that the appointed design team will be led by Pritzker Prize-winning architect Rogers Stirk Harbour & Partners alongside Waterman Structures, services engineer Hoare Lea, cost consultant WT Partnership and sales agent Knight Frank.

    ‘Project Bankside’ is one of London’s flagship residential developments, comprising 370 apartments in 5 buildings ranging from 5 to 24 storeys. In total, the scheme will provide 390,000 sq ft of accommodation, of which 40% will be affordable housing. Demolition works will commence with immediate effect and the project is scheduled for completion in late summer 2011. A sales launch is scheduled for spring 2009.

    Alasdair Nicholls, Chief Executive, Native Land, commented: “To have secured funding on a project of this scale is a testament to the unique proposal we have here at Bankside, a world class scheme in a growing quarter of London and our strong long-term relationship with our banking partners Bank of Scotland Corporate Real Estate. We are delighted to have the funding now in place, and look forward to pushing ahead with this exciting trophy development.”