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Tuesday29 July 2014

Boomerang flies into administration

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A 52-storey skyscraper project in London designed by Ian Simpson Architects has been put into administration before a brick has even been laid

The One Blackfriars Road project, nicknamed the Boomerang,at the southern end of Blackfriars Bridge, was mothballed last year.

Now, Royal Bank of Scotland has appointed BDO Stoy Hayward as administrator for One Blackfriars Bridge following what developer Beetham described as a “breakdown” in its relationship with its Russian partner, property developer Mirax.

Beetham said it was looking to take the scheme out of administration with new investors but admitted if it couldn’t find new cash the site, which once commanded an end value of close to £1 billion, could be sold for just £150 million.

The news comes as Land Securities fired the starting gun on another mothballed tower – Rafael Viñoly’s Walkie Talkie building in the Square Mile.

Land Securities has brought in two sovereign wealth funds, China Investment Corporation and Qatar Holdings, to part-fund the project. Work will begin immediately.

And the City planning officer Peter Rees told BD he expected work to start on the Rogers Stirk Harbour-designed Cheesegrater next spring. He said: “[Developer] British Land is sounding very positive.”

The focus of this year’s This is Not a Gateway Festival in east London this weekend is “Financial Districts”. More information at www.thisisnotagateway.net

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