Monday 19 February 2018

Canary Wharf developer now plans £250m London tower

Tom Ryan had hoped to build the Hertsmere Tower (left) in London’s Canary Wharf. Plans never got off the ground however
Tom Ryan had hoped to build the Hertsmere Tower (left) in London’s Canary Wharf. Plans never got off the ground however
Peter Flanagan

Peter Flanagan

The Irish businessman who tried to build the tallest apartment block in the UK last year is now planning to put together a similar scheme in London.

Thomas Ryan, who missed out on building a €1bn development dubbed the Hertsmere Tower last year, is now reported to be the preferred bidder for a site in south London earmarked for a £250m apartment development.

According to industry magazine "Property Week", Ryan Corp (UK) is under offer and close to becoming the formal preferred bidder to buy Grand South at 12-20 Wyvil Road for around the £40m asking price.

The site, currently warehouses, was put up for sale by Network Rail and K2 Property in March with detailed planning permission for a 39-storey tower. It is the latest in a series of high-end towers to come forward in the Vauxhall Nine Elms Battersea area.

The proposed building consists of 188,078 sq ft of private residential accommodation, 13,649 sq ft of retail and 42,690 sq ft of affordable and discounted market rent housing.

Mr Ryan, who has little in the way of major developments behind him, shocked the industry in November 2013 when he agreed terms to build the 74 storey Hertsmere Tower in London's docklands.

That deal caused a sensation, with details of the development hitting the front page of the "Financial Times".

However the deal collapsed amid recriminations and the site was bought by a Chinese firm.

Mr Ryan had a number of investments in Ireland before the London deal, but none were on anything like the scale of the mooted Hertsmere Tower plan.

If the deal goes ahead, it will be the latest move by an Irish developer looking to build in London. Several developers diversified to there from Ireland.

Sean Mulryan's Ballymore is building extensively in the UK capital. It has launched the first phase of its City Island development in the city's east end, and has numerous other developments in the works at present.

Ballymore is bellieved to have done a deal to take over the former Post Office site. The 14-acre site Nine Elms site, close to Battersea Power station, secured planning in March 2012.

The proposed new development includes up to 1,870 residential units.

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