A scale model of Palestra, the largest speculative office scheme currently planned for central London, was unveiled to mark the launch of the scheme this week. Malory Clifford’s Blackfriars Investments and Royal London Asset Management have forged a limited partnership to develop the £140m, 12-storey office scheme on Blackfriars Road, SE1, opposite Southwark station. Bank of Scotland is providing £79m of senior debt. The 420,000 sq ft speculative scheme, which is set for completion by the end of 2005, is architect Will Alsop’s first major new-build commercial scheme in the UK. Clifford said: “It is a brave contra-cyclical move but we will be the only ones out there when occupiers come looking again.”
A scale model of Palestra, the largest speculative office scheme currently planned for central London, was unveiled to mark the launch of the scheme this week. Malory Clifford’s Blackfriars Investments and Royal London Asset Management have forged a limited partnership to develop the £140m, 12-storey office scheme on Blackfriars Road, SE1, opposite Southwark station. Bank of Scotland is providing £79m of senior debt. The 420,000 sq ft speculative scheme, which is set for completion by the end of 2005, is architect Will Alsop’s first major new-build commercial scheme in the UK. Clifford said: “It is a brave contra-cyclical move but we will be the only ones out there when occupiers come looking again.”
