Russian developer Mirax has purchased a 50% stake in a mixed-use tower project on London's South Bank from UK peer Beetham Organization for around £60mln. Mirax, which already has a presence in London via projects such as the redevelopment of the 19 century Cornwall Terrace, will join forces with the UK firm to build the 52-storey Blackfriars skyscraper in the city. In a statement, Mirax said that the development costs for the project are estimated to be at around £500mln, while the market value of the tower on completion in 2011 will be around £1bn.
Russian developer Mirax has purchased a 50% stake in a mixed-use tower project on London's South Bank from UK peer Beetham Organization for around £60mln. Mirax, which already has a presence in London via projects such as the redevelopment of the 19 century Cornwall Terrace, will join forces with the UK firm to build the 52-storey Blackfriars skyscraper in the city. In a statement, Mirax said that the development costs for the project are estimated to be at around £500mln, while the market value of the tower on completion in 2011 will be around £1bn.
Mirax-Beetham tower will provide a total 100,000m2 of space and will reach a height of 163 metres. Construction work is scheduled to start in January 2009. The Ian Simpson-designed tower will comprise a 35,000 m2 hotel, 96 apartments as well as restaurants, exhibition halls, a retail and entertainment centre and a multilevel car park.
'We expect a quick payback of the project. A lease contract with the Jumeirah Hotel Group has currently been concluded,' said Maksim Temnikov, member of the committee of directors of Mirax Group.
