The Beetham Organisation has bought a site in the London borough of Southwark on which it had previously submitted plans to build a £600m mixed-use tower.
The Liverpool-based company is thought to have paid more than £50m for the site at 1 Blackfriars Road, SE1.
Plans for a mixed-use scheme, which include a 51-storey tower, had been submitted to Southwark council before the purchase.
The tower will comprise 64 flats and a 261-room hotel to be run by Jumeirah Hotels.
A decision is expected back from the council in spring 2007 and if approval is given the scheme is expected to be complete by 2011.
Berwin Leighton Paisner LLP (BLP) advised the Beetham Organization.
References: EGi News 04/01/07
