Lenders have boosted Kohn Pedersen Fox’s (KPF) project to create a 50-storey luxury residential tower in London’s Nine Elms district
Project backer Damac International announced it had secured a £175 million package to progress works at 69-71 Bondway, including finance from Barclays Bank, Burgan Bank and Emirates NBD.
The scheme – alternatively known as Damac Tower or Aykon London One, and colloquially dubbed the Jenga Tower – received planning consent in 2014. Construction is under way, with the shell and core about half-complete and façades approaching the 20th storey.
Located close to the iconic Battersea Power Station, which is currently being revamped, the tower will include 450 homes when complete, many with interiors inspired by luxury fashion brand Versace.
Planning documents submitted in 2014 said the scheme would ‘deliver high-quality and distinctive architecture which contributes positively to the existing and emerging context in Vauxhall’.
Damac chairman Hussain Sajwani said this week: ‘In a vote of confidence in the UK and Damac’s track record, we have secured significant support to complete our distinctive residential development in London.
‘Damac Tower continues to garner strong interest from customers seeking premium branded real estate in one of the most desirable addresses in the world, and its success has encouraged us to seek the next investment opportunity in London, which we are currently engaged in detailed discussion to secure.’
Completion is scheduled for late 2021.