Starwood Capital has joined forces with First Base for a £100m overhaul of a stalled South Bank project.
The joint venture partners will bring forward a residential-led mixed-use redevelopment of 151-157 Tower Bridge Road, SE1.
The Arney Fender Katsalidis-designed scheme (pictured above) will be submitted for planning next year and is expected to include residential, retail and leisure uses, as well as potential apart-hotel uses, in a building of a similar size to the existing 185,000 sq ft structure.
Starwood acquired the existing partially completed building as part of a £206m, four-strong portfolio from London & City Holdings at the start of this year.
London & City Holdings, owned by Graham Harris, was one of Irish bad bank NAMA’s biggest individual debtors. The sale of its portfolio to Starwood resulted in the repayment of Harris’s debts to NAMA.
First Base, which is run by Elliot Lipton, has worked with Starwood previously on its Ashchurch Villas scheme at Ravenscourt Park, W12.
First Base director Barry Jessup said his firm was seeking more opportunities across London and the South East.
