The plans propose 494 riverside flats, 450,000 square feet of offices, 25,000 sq ft of retail and 18,500 sq ft of cultural space, as well as a 'cultural pavilion'. The redevelopment area is located between the Tate Modern gallery and Blackfriars Bridge.
The first phase of the £1 billion scheme is a high-rise residential tower with views of the Thames and a new office block. All of the planned residential buildings will be located towards the north end of the site to capitalise on riverside views and office buildings will be on the southern edge. The plans, designed by PLP Architecture, also include a skyscraper of up to 48 storeys and a large area of new public space comprised of a central square, new gardens and designated children's areas.
Carlyle said the proposed scheme would “almost double the number of permanent jobs in the area to over 3,700 and deliver 35,000 sq ft of new public open spaces”, said the Property Week report.
The site is currently separated by an overground railway track into London's Blackfriars station; however Carlyle has reportedly avoided plans to build over the line. Instead, the arches under the railway viaduct will be opened up to create pedestrian access.
Work has started on site, and the project will be delivered in phases with estimated completion between mid-2020 and early 2023. The timescales are constrained by the existing leases on the Ludgate House property at the west of the site, continuing until Q2 2015. This building will be replaced by three new buildings. It is also constrained by the lease on the Samson House property at the eastern end of the site which runs until Q2 2018. This site will be the location of six new buildings.
