The future of Ian Simpson Architect’s 52-storey skyscraper project on London’s South Bank is hanging in the balance after the project was put into administration
It is understood the Royal Bank of Scotland has appointed administrators to the One Blackfriars Road project - a join venture between Liverpool-based Beetham Holdings and Russian property company Mirax, headed by property tycoon Sergei Polonsky.
The £500million tower scheme, which was originally 70-storeys but was re-designed in 2006 following criticism from CABE, included 64 luxury flats and a 261-bedroom Jumeirah hotel.
According to the Financial Times administrators BDO Stoy Hayward were called in ‘following the breakdown of the relationship between RBS and Beetham’s Russian partners’.
Although Beetham is hoping to take the outfit out of administration, the site could be sold on with a price tag of £150 million being mooted.
The news comes less than 24 hours after it emerged work is now about to begin on Rafael Viñoly’s £500 million Walkie Talkie tower following a deal struck between Land Securities and Canary Wharf Group.