Troubled One Nine Elms site to be completed by 2023

R&F Properties’ troubled One Nine Elms site in London is due to be completed in November 2023.

Last week, Chinese developer R&F agreed a £772m funding package for the site, enabling a full workforce to return to work for the first time since January.

The project, which is based in Vauxhall, has been mired in uncertainty since January – with Construction News revealing earlier this year that workers were leaving in droves, after R&F failed to pay contractor Multiplex for the work it had done.

Completion had initially been earmarked for November, according to construction intelligence provider Glenigan.

However, the Chinese developer has now said the project should reach full completion by 2023, thanks to last week’s deal.

Two buildings – the 57-storey City Tower and 42-storey River Tower – are being built at One Nine Elms. City Tower will contain 334 homes, while River Tower will consist of a 203-room Park Hyatt Hotel and 103 luxury apartments.

The shell and core of the two buildings has largely been completed, according to R&F. Once finished, Multiplex will turn to the fit-out work.

Funding for the works secured last week came after R&F finalised an agreement with Global Management, Carlyle Group, Crosstree Real Estate Partners and Précis Capital.

Guangzhou R&F Properties chairman Li Sze Lim said R&F was “firmly committed” to its investments in the UK, and “in particular” to One Nine Elms.

“The newly established relationship with a world-leading consortium of experienced financiers is also reflective of their confidence in the execution team to deliver the project to completion,” he added.

R&F’s property portfolio on the coveted Nine Elms stretch of south London is now limited to One Nine Elms, after it sold its other two properties to other developers following its financial difficulties.

In March, the Chinese developer lost about £60m after selling its Vauxhall Square site to Hong Kong-based developer Far East Consortium.

The firm followed that up by selling its 50 per cent stake in Thames City to partner CC Land in April, for about £275m (2.66bn Hong Kong dollars), losing around £190m. CN understands that R&F is still working as development manager at Thames City, on behalf of CC Land.

R&F still owns One Nine Elms and Queen’s Square in Croydon, which it acquired back in 2017. Ardmore was appointed on an early phase of the Croydon job, worth £100m in 2019, although work stopped that year, following doubts over plans to build a £1.4bn Westfield shopping centre nearby.

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