"Major victory" for Bankside residents as Tate Tower is shelved

An unusual deal between two property developers is likely to see a controversial tower scheme shelved with the land – which changed hands for more than £10 million just 18 months ago – turned over to community use.

GC Bankside, a joint venture between Clan Real Estate and Grosvenor, has submitted a planning application to Southwark Council for a residential scheme at Holland Street on the site of the Bankside Industrial Estate, across the road from the western entrance to Tate Modern.

GC Bankside acquired the Holland Street site from Land Securities last year, who had previously worked on plans for the site under the Bankside 4 name.

Designed by Richard Rogers Partnership, the scheme comprises 229 apartments in 5 buildings, providing a total of 300,000 sq ft of accommodation. The scheme ranges in height from 5 to 24 storeys and includes duplex level penthouses. 30 per cent of the homes provided will be "affordable".

As we reported earlier this month, the application follows GC Bankside's recent agreement to purchase the Hopton Street Tower site – aka the 'Tate Tower' – at 47 Hopton Street, adjacent to Holland Street. The 60,000 sq ft Hopton St. Tower scheme is currently owned by Meyer Bergman. Preparatory building works on the Hopton Street site have been suspended in conjunction with this planning application.

If Holland Street receives planning permission, the Hopton Street Tower will not be built and the site will become publicly accessible open space.

The initiative has been drawn up in close consultation with Tate, who last week revealed their own plans for a new building on their southern lawn.

"Having campaigned vigourously against the Hopton Street Tower, we welcome the proposed scheme," says David Lough, chairman of Bankside Residents for Appropriate Development (BROAD). "The creation of an increase in open space is a major victory for local residents in Bankside."

BROAD took its fight against the tower all the way to the European Court of Human Rights.

Alasdair Nicholls, chief executive of Clan Real Estate, commented: "This is an innovative deal and one which will significantly enhance the quality of the environment around Tate Modern. The open space which we will be creating will greatly benefit the existing local community and our future residents, as well as the millions of people who visit Bankside each year".

Graham Stirk of Richard Rogers Partnership added: "As the original masterplanners of Bankside, we are particularly pleased to be involved in creating this high quality residential scheme. Our masterplan recommended the joining together of individual sites and this scheme is a good example of how this can be done successfully."