Property tycoon's major London development put in administration

Property tycoon's major London development put in administration



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A major skyscraper project that would have overlooked the River Thames has been put into administration by the Royal Bank of Scotland, reports the Financial Times.

London’s skyline was set to include a 52-storey skyscraper on London’s South Bank as part of a mixed-use scheme taking in a 261-bedroom hotel and 64 luxury apartments.

 

However, property developers the Beetham Organisation, based in Liverpool, and Mirax – the property company founded by Sergei Polonsky – have now had their plans put on hold with the RBS appointing administrators.

 

A spokesperson for Beetham said that administrators had been appointed to the One Blackfriars Road project “following the breakdown of the relationship between RBS and Beetham’s Russian partners”.

 

BDO Stoy Hayward has been appointed administrators.

 

According to reports, Beetham are hoping to find other investors in order to bring the project out of administration.

 

Estate agents Knight Frank are acting on behalf of the property developers whilst CB Richard Ellis is for RBS. 

 

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