Throughout the recession London remained a prime destination for foreign investment and with recovery underway multiple developments are currently in the pipeline. One of the most striking of these is One Nine Elms which is due to be constructed on the site which previously housed the 1970s Market Towers development.
Current development beside Vauxhall Bridge
The towers, designed by KPF, will be of different heights, containing 58 and 43 storeys respectively, and will house a mixture of residential and commercial space in order to conform to the current fashion for compact flexible developments in the capital city.
Upon completion, the development will measure around 200 metres in height– the tallest residential building in London- and will also include office and retail accommodation.
Principal at KPF, John Bushell, believes the finished development will offer flexible space in a “lively” environment, and that it will sit well in its surroundings.
He says; “KPF has designed the scheme with slender vertical proportions to mark the threshold of the linear park which runs through the development area.”
Now it has emerged that Chinese investment and development conglomerate, the Dalian Wanda Group, has purchased the site for an undisclosed amount – making the group the latest from the East to seek a profitable foothold in London.
Although previous owners of the site, Green Property, actually commissioned the completed design for a high-rise project, it is believed that Dalian Wanda Group plan to add a five-star hotel to the existing plans in order to appeal to a wider class of international business guests.
Chairman of Dalian Wanda Group, Wang Jianlin, expressed his delight at being involved in such an ambitious scheme.
He said; “The One Nine Elms site stands out as an exciting chance to be part of the transformation of an important part of one of the world’s greatest cities.”
No date has yet been set for the initial groundwork on the site, but it is thought that the development will be completed in either late 2016 or early to mid-2017.
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