CIT is in pole position to land King’s Reach Tower
CIT is in pole position to land King’s Reach Tower
Propertyweek.com has announced that the CIT Group is in talks to buy King’s Reach Tower, on the south bank of the River Thames in 
London.
The business magazine understand that the 3 acre site has been placed under offer by private equity-backed property company CIT for more than £50m, with the underbidder being Berkeley Group.
The 1970s office, , which was .designed by Richard Seifert and owned by Simon Halabi-linked companies, used to be occupied by IPC Media, publisher of titles such as NME, Marie Claire and Loaded and is being sold by LPA (Law of Property Act) receiver Allsop
The site has planning consent for a 400,000 sq ft office and retail scheme, designed by Ken Shuttleworth’s Make Architects. There is also potential for an even larger scheme, which would comprise a 40-storey tower.
Propertyweek.com has announced that the CIT Group is in talks to buy King’s Reach Tower, on the south bank of the River Thames in London.
The business magazine understand that the 3 acre site has been placed under offer by private equity-backed property company CIT for more than £50m, with the underbidder being Berkeley Group. (more…)