South Bank Tower

azizia

Jadwa purchased South Bank Tower in June 2010 in conjunction with CIT as joint venture partners. The Tower was acquired from receivership at a pricing level reflecting the depressed real estate investment environment. The strategy was to enhance the Tower by re-configuring the office element and re-designing the retail offering. Within 13 months, a significant value enhancing planning permission was granted which included the full utilization of the entire footprint of the ownership and extension of the existing office podium. The design cleverly incorporated all the existing office and retail space within the podium and lower Tower levels. This provided the opportunity to enhance the scheme by adding an additional five stories incorporating 178 apartments (subsequently increased to 194 through additional extension of the Tower by a further five floors). Following the successful conclusion of the planning, Jadwa and CIT in a joint Development Management capacity raised further funds to complete the development. To date, the commercial elements of the property have been forward sold to a “blue chip”, institution and over 80% of apartments have been sold and are handed over