Construction has started on what will be the tallest new residential tower currently under development in prime central London, in a big vote of confidence in the capital’s luxury homes market.
The 50-storey South Bank block, comprising 250 flats, will sit within the large mixed-use Bankside Yards scheme next to Blackfriars station.
Work on the latest block is due to complete in late 2026 and was announced by an international real estate consortium led by property developer Native Land. Multiplex has been appointed as as main contractor on the new project.
Alasdair Nicholls, chief executive of Native Land, said: “We are committing to the development of Building 2, to be named and launched to market in spring this year, when it is evident there will be little or no competing new-build product available in central London, given the capital’s planning and funding challenges.”
He added: “Our confidence in commencing construction is founded on the demonstrable domestic and global appeal of Bankside Yards’ buildings and spaces. This is evidenced by the occupiers and operators who have already committed to the development.”
Deals include FTSE 100-listed engineering giant Smiths Group agreeing to relocate its HQ to the site, and Merlin Entertainments taking a new London office based in the Arbor building at Bankside Yards.
Towards he end of last year prime central London became the latest part of the housing market to show signs that industry pains are easing, with estate agent Strutt & Parker in December pointing to buyer and seller confidence being boosted in part by a recent pause in interest rate hikes.
