Middle-eastern money continues to flow into London with investors taking advantage of the pound to help kick-start stalled developments, the latest of which is Kings Reach Tower in Southwark.
CIT Group who are developing the project have received £250 million from a group of investors in the middle-east meaning that the contracts to begin reconstruction can finally be signed. Mace is expected to lead the work on site.
The regeneration plans are to add a further six storeys to the top of brown seventies Seifert creation boosting the height of the tower to 128 metres. The upper floors of the project from 11 to 30 will be converted to residential use from office creating a total of 173 new apartments.
At the same time a new ten-storey building will be created with a central atrium that will stand between the tower and the existing T-shaped podium. This will allow 39,400 square metres of office space to be constructed and better utilise the existing site, whilst 4,300 square metres of retail space is included too along Stamford Street.
Planning gain includes a new large roof top garden on top of the podium that fills the eastern part of the site which will be the low-rise podium will have a large garden atop of it. The creation of this is has allowed the there to be substantially more retail space than the current layout of the site will allow as the entrance for Kings Reach Tower has been relocated to the garden too freeing up site around the tower for shops.
The overhaul has been designed by Kohn Pedersen Fox who have also planned to overhaul the externals of the project. Rather than obliterate the past as the plans by Make would have done, the architects have come up with a modern take on the existing façade. By interlocking new thinner vertical fins with the current thicker ones KPF has given the new upper floors a more transparent look, not to mention improved the views and daylight for their future occupiers. The brown colour of the tower, which although claimed to be bronze is actually nothing more than paint, will be replaced for a cleaner more transparent look.
Construction work should begin apace in 2013 for a 2015 finish.