Property developer commits to building '1bn project near Tate Modern

A consortium led by Native Land has just put spades in the ground to start building a 230,000 square feet office block, shops and 240 flats. It marks phase one of the Bankside Yards project, which will eventually comprise 1.4 million square feet of new space.

It is speculatively building, meaning there are no guaranteed office occupiers or house buyers to take the space.

Other members of the consortium include Singaporean state-backed fund Temasek and Malaysian developer Amcorp Properties.

Alasdair Nicholls, chief executive of Native Land, said his firm has confidence in''London as a world-leading city for the long term, irrespective of short-term political uncertainty, currency movements or conditions in other markets'.

He added: 'We are closely connected to the Asian capital markets and the impression we get from investors generally is that the uncertainty around Brexit is seen as a short term risk and London development remains high on their agenda, provided that the planning risk is low, the product is good, the location offers value and the local partner is proven.'

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Source: Evening Standard

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