The Royal Bank of Scotland has put the Beetham London Tower development scheme into administration after talks broke down between the bank and the Russian owners. The 52 storey South Bank tower will feature 64 luxury apartments and a 261-bedroom Jumeirah hotel.
The scheme has an £80m loan secured against it. In a statement Beetham said; “Beetham anticipate taking the project out of administration very shortly in association with new investors. If the opportunity comes to the market, it will be marketed internationally at the beginning of 2011, with Knight Frank on behalf of Beetham/Mirax and CBRE acting for RBS. Bids in excess of £150m are expected.”
One the same day as the announcement of the administration building has started on the "walkie talkie" development at Fenchurch Street. This is expected to cost some £500m to build!