An international real estate consortium led by Native Land has announced the start of construction work on what will be central London’s premier high-rise residential development. Building 2, a 50-storey, 250-apartment tower at Bankside Yards is the tallest new residential tower currently under development in prime central London. It will be a landmark on the South Bank of the River Thames and the high point of the £3bn Bankside Yards estate.
Native Land has appointed Multiplex as main contractor on Building 2, extending its successful working partnership with the contractor, which has so far completed the ground works and restoration of the historic railway arches at Bankside Yards. Multiplex has also delivered Arbor, the development’s flagship office building, which is more than 50% let following completion in spring 2023, achieving record rents for the South Bank market.
Construction work on Building 2 is due for completion in late 2026. Keltbray is appointed as the specialist sub-contractor for the building frame of Building 2, with Scheldebouw as façade contractor. Further sub-contract packages have yet to be awarded.
At 1.4 million sq ft, Bankside Yards is one of the most significant developments underway in central London. The development masterplan has been conceived by PLP Architecture, on behalf of the Native Land-led consortium, to deliver a world-class mix of prime riverside residential, headquarters workplace, 5-star hospitality space and exceptional amenities, on a scale that reflects the site’s strategic location in a global gateway city.
Alasdair Nicholls, Chief Executive of Native Land, said:
“We are committing to the development of Building 2, to be named and launched to market in spring this year, when it is evident there will be little or no competing new-build product available in Central London, given the capital’s planning and funding challenges. Bankside Yards is a unique proposition for city centre living of unparalleled quality in London’s historic commercial and cultural core. The future residents of Building 2 will own and live in a world-class apartment building that embraces technology to provide a convenient, amenity-rich and environmentally conscious lifestyle, on a par with the very best residential developments in any global gateway city.”
Building 2’s 250 residences will enjoy stunning views across central London, unrivalled amenities and access to the world-class cultural offer of the South Bank. Located at the transport hub of Blackfriars, Bankside Yards counts Shakespeare’s Globe, Tate Modern and the Southbank Centre as its neighbours.
Alasdair Nicholls added:
“Our confidence in commencing construction is founded on the demonstrable domestic and global appeal of Bankside Yards’ buildings and spaces. This is evidenced by the occupiers and operators who have already committed to the development, recognising our track record of delivering exciting, high-quality mixed-use destinations for London.”
Global hospitality business Mandarin Oriental Hotel Group will open its third London hotel at Bankside Yards in 2028, to be called Mandarin Oriental Bankside, a 38-storey, 171-bed, 5-star hotel with 70 branded residences. Arbor, the newly completed, prime office building at Bankside Yards has attracted significant interest from occupiers, with lettings to Merlin Entertainments, the global leader in branded entertainment destinations, leading global climate consultancy The Carbon Trust, FTSE 100-listed industrial technology business Smiths Group plc, and law firms Lewis Silkin and Winckworth Sherwood.
Bankside Yards is the UK’s first fossil fuel-free major mixed-use development. All its electrical power will come from fully renewable sources. A pioneering fifth-generation energy sharing network will deliver reductions in energy use and enable the site to achieve net zero carbon in operation.
Native Land leads a consortium of Bankside Yards’ co-investor partners which include Temasek and Hotel Properties Limited (HPL) of Singapore, and Malaysia’s Amcorp Properties Berhad.
