The future of Bankside
Image courtesy : SPPARC Architecture. Stoney Street Redevelopment and "Borough Yards", Bankside
Bankside has thrived with the success of Shakespeare's Globe, Tate Modern and Borough Market, but how are investors looking at this cultural quarter and is retail expansion now driving investment decisions?
Our 'Cultural Bankside' round table next week will look at this topic with among our speakers Union Street Partners, architects SPPARC, Deutsche Asset Management, and law firm Boodle Hatfield which now has its HQ at 240 Blackfriars Road.
Valerie Beirne, Bankside Urban Forest Manager, Better Bankside, who also works for the Business Improvement District, and who will be speaking at the round table, says important developments in the area are now the lighting and pedestrianising of the quieter streets, which are part of the original medieval street plan, drawing crowds away from the centre to promote the whole of Bankside. Creating cleaner air is also a target with the trial of Metal Box Garden, introducing plants to combat pollution and create attractive public realm.
Last summer, The Telegraph reported that Asian investors spent around £4 billion in the first six months of 2017 on London property according to Cushman & Wakefield research ‘taking advantage of sterling’s weaknesses and looking beyond mounting economic weaknesses. Following closely behind the region were investors from Europe. Deutsche Asset Management acquired 2&3 Bankside by Tate Modern and the Millennium Footbridge to the City for £310 million.
Union Street Partners 2017 South Bank Office Market Report highlights that momentum is being ‘sustained in the occupier market with Take-up standing considerably above the long-term trend. Year-to-date volumes reached 1.12m sq ft, matching the same period in 2016. Availability was up 4% over the quarter…however with The Shard now fully let, the dearth of large quality supply exacerbated across the market. Total investment was £939 million up 43% on the previous quarter…The retail sector was strong, dominated by food and beverage…with two significant developments, Circus West and Elephant & Castle, shaping the retail character of the South Bank'. Partner, Rupert Cowling will be speaking at our round table.
Trevor Morriss, Principal at SPPARC Architecture, will be describing how the firm is designing the Stoney Street development of new retail, cultural galleries and commercial office space on the site of the site previously occupied by the Vinopolis complex near Borough Market. To be known as Borough Yards, it is a £300 million project and will include an Everyman Cinema along with the revival of historic street names - Soap Yard, Clink Yard and Dirty Lane.
Boodle Hatfield LLP is a Mayfair and Bankside based law firm, founded in 1722, which provides legal advice to high net worth individuals, families and businesses both in the UK and internationally. Partner, Andrew Wilmot-Smith, who will be speaking at our round table, has extensive experience of the issues that arise in investing in and developing in London and regularly acts for both borrowers and lenders on the real estate aspects of property finance transactions.