NEO Bankside | Southwark | 80m | 24/18/12 fl | Complete

[london lad]

From PW

Bank of Scotland goes Native with £170m for London resi

04.01.08

Developers defy gloom with funding for scheme next to Tate Modern

By Deidre Hipwell and Aditi Shah

Native Land and Grosvenor have secured £170m of development finance from Bank of Scotland Corporate for a residential scheme on London’s South Bank.

Project Bankside is a 390,000 sq ft residential scheme in London next to the Tate Modern. It comprises 370 flats in five buildings ranging from five to 24 storeys.

The funding agreement is a coup for the developers, coming at a time with debt finance in short supply.

Native Land chief executive Alasdair Nicholls said: ‘To have secured funding on a project of this scale during the second half of 2007 is a testament to the emergence of the Bankside area as well as our strong long-term relationship with our banking partners, Bank of Scotland Corporate Real Estate, especially given the more challenging conditions in the financial markets.’

David Whittaker, managing director of Cala Finance, a residential funding arm of residential and commercial property developer Cala Group, said some funders had stopped backing residential development, while others had tightened their lending criteria.

He said: ‘The credit crunch, coupled with tougher housing market conditions, is especially difficult for smaller residential developers, who usually do not have large reserves of cash and who require third-party funding to continue to develop new sites.’
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House prices are predicted to fall in the coming year, adding to housebuilders’ woes.

Nationwide and Halifax both predict house prices to remain flat while Morgan Stanley predicts falls of 10%.

At Bankside around 40% will be affordable housing. The design team will be led by Lord Rogers’ firm, Rogers Stirk Harbour & Partners.

Native Land was founded four years ago by Alasdair Nicholls and Jonathan Mantovani formerly managing director and acquisitions director respectively of Taylor Woodrow Capital Developments. It is developing more than £500m of schemes across central London.

This is the second joint venture it has carried out with Grosvenor. Last summer they completed the 18-unit, £110m residential scheme, 10 Montrose Place, between Belgrave Square and Grosvenor Place on the Grosvenor Estate in Belgravia.

The project is due for completion in 2011. Knight Frank is the agent.

[Luke]

Presumably the story is refering to these -





Which I like quite a bit.

[Officer Dibble]

I don't. Meccanoesque, industrialist, dystopian.

[OliverChettle]

Yuck. They look like machines, not homes. They don't reflect London's architectural history. I detest buildings that could be anywhere in the world. Cities need an identity of their own, but modern architecture has no respect for that.

[Bob]

Excellent news. I've been hoping for some movement on this project for some time.

[potto]

Originally Posted by OliverChettle

Yuck. They look like machines, not homes. They don't reflect London's architectural history. I detest buildings that could be anywhere in the world. Cities need an identity of their own, but modern architecture has no respect for that.

Not that im instantly won over by them, I really dont understand your comment about modern architecture or reflecting Londons architectural past. Lots of historic styles are shared around the globe and London has only any claim to have really driven a particular style in the Victorian era, a relatively brief period of time.

I agree if you were talking about the forces of global corporate image but these developments are hardly low rise Canary Wharf... there is something quirky about them, certainly they display a signature of the architect who is London based and with another famous London based counterpart they have pretty much defined an architectural style around the world... so why cant these buildings be Londons image?!

[BenL]

Moreover, they'll make the Southwalk area more architecturally interesting. In an area characterised by its mediocrity, such as the building on the right in the first picture, we'll soon be seeing buildings by Hadid, Herzog & deMeuron and now Rogers within spitting distance (as well Beetham etc. and Elephant and Castle to the south). Besides from more of an aesthetic buzz south of the river these developments may contribute in a small way to moving London's centre of gravity.

[poshbakerloo]

i quite like this...which is strange for me...looks like a mini hong kong estate...is that good?

[wearethefuture]

I like it a lot! I think the scheme will fit in well with its surroundings, hopefully it will be one of those that you dislike at first but then grow to like it.

[Dr Pepper]

Looks like they fell out of 1986.

[Hoogbouwman]

Spontaneously made me think of early 1980s student dorms... Is this a recent proposal?!

[DarJoLe]

It only looks 1980s because it's a classic Rogers proposal and the steel exterior is red; i.e. it ties in better with the brick of the Tate Modern and will be a great juxtaposition with the green of the H&deM extension.

[DarJoLe]

Originally Posted by OliverChettle

They don't reflect London's architectural history.

Actually, they do. Classic detailing with modern day materials and the design is Rogers famous 'exoskeleton' first shown on Lloyds, which is one of London's most architecturally famous and trend setting original buildings.

Originally Posted by OliverChettle

I detest buildings that could be anywhere in the world. Cities need an identity of their own, but modern architecture has no respect for that.

Cities only had identity in the past because architects of the time didn't have the tools of being able to work anywhere in the world, but were restricted to their locale. Globalisation is not going to go away anytime soon, and it's time that London embraced world architects more than it does. I can't wait for the day when I can walk across London and see a Hadid, Rogers, Foster, Koolhaus, Gehry, FAO, etc etc. We're nearly there. Give it a few more years and a continuing of our visionary mayor who attracts foreign investment and London's identity will continue to evolve and reinsert itself.

[Manuel]

Originally Posted by DarJoLe

It only looks 1980s because it's a classic Rogers proposal and the steel exterior is red; i.e. it ties in better with the brick of the Tate Modern and will be a great juxtaposition with the green of the H&deM extension.

I agree, definitely not the most up to date design but will fit nicely withe power station and the post modern loft tower on the west side of the Tate modern.

[El_Greco]

Yup.Love the industrial look.

[DarJoLe]

And to anyone who has actually seen the site, this project will massively better the urban realm between Southwark Street and the Tate entrance; thanks to them being towers and having small footprints.

[Officer Dibble]

Originally Posted by OliverChettle

Yuck. They look like machines, not homes. [...] I detest buildings that could be anywhere in the world.

I disagree with that second point - to give two examples, I don't hate St Paul's just because it looks like it could be in Rome (classical architecture has always been a global style) or 1 Canada Square just because it's a near-replica of a building in NYC. With you on the first point, though!

Originally Posted by BenL

In an area characterised by its mediocrity, such as the building on the right in the first picture, we'll soon be seeing buildings by Hadid, Herzog & deMeuron and now Rogers within spitting distance

Yes, but personally I'd forego the cachet of the big names if they produce ugly architecture.

Originally Posted by wearethefuture

I like it a lot! I think the scheme will fit in well with its surroundings

If the surroundings are mediocre then surely it's better to take a different approach altogether.

[london lad]

Developers website here

http://www.native-land.com/

Looks like this will see the start of a taller, more dense Southbank with this , Beetham & 240 Blackfriars rd all starting this year.

[fitz44]

Originally Posted by london lad

Developers website here

http://www.native-land.com/

Looks like this will see the start of a taller, more dense Southbank with this , Beetham & 240 Blackfriars rd all starting this year.

Hopefully Doon St and 44 Hopton St to follow soon after!

[GazKinz]

I thought the Hopton Street scheme had been canceled?