Thu, 18 Nov 2010 | ADMINISTRATION
Administrators BDO have put the proposed Beetham Tower site on London's south bank up for sale.
The 1 Blackfriars Road site, which had been earmarked as the setting for the 53-storey mixed-use residential and commercial Beetham Tower development, will be marketed by CB Richard Ellis early next year.
Originally owned by The Beetham Organisation and Russian developer Mirax, the site was placed into administration in October of this year by RBS when the duo did not agree on the necessary funding.
The Beetham Organisation and Mirax had planned to create 64 luxury apartments and a 261-bedroom hotel in the tower, at a development cost of around £1 billion.
Following the successful application for planning permission in 2007, they were hoping to follow in the footsteps of the successful Manchester city centre-based Beetham Tower, which is home to tenants including the Hilton Hotel.
Both The Beetham Organisation and Mirax announced that they had anticipated rescuing the site from administration 'in association with new investors,' however no new investors came forward.
The site is estimated to be worth around £150 million, according to BDO.
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