Construction has started on the £1bn mixed-use Bankside Yards development, which is located on London’s riverside between Tate Modern and Blackfriars Bridge.
The development includes 1.4 million sq ft of workspace, homes, independent shops, eateries and cultural space within 14 restored railway arches set in three acres of newly-created open space, which will be fully accessible to the public.
Developer Native Land and their consortium partners Temasek, HPL and Amcorp Properties, have started construction of the development's fully-funded first phase, known as Western Yards. This will initially deliver Arbor, a 230,000 sq ft office building bringing top quality workspace to SE1's under-supplied market, and an elegant new residential building of 240 apartments with views across the capital.
Alasdair Nicholls, Chief Executive of Native Land, said: “Bankside Yards will draw together Bankside's established cultural, commercial, retail and residential worlds around a new neighbourhood where people will work and live, visit or just spend time by the riverside. We are opening up an important piece of London with amazing transport connections and, as locally-based developers, we are keen to contribute to the rich mix of the area by creating a place that’s accessible, enjoyable and productive.”
Western Yards will also create 50,000 sq ft of independent retail, restaurant and cultural space in the restored railway arches.
The entire project has planning consent, granted in 2014, for 1.4 million sq ft of mixed-use development. Native Land recently made a planning application to amend proposals for the second phase of the development, known as Eastern Yards, to include a premier hotel and on-site affordable and private homes.
The development will create an estimated 3,600 jobs in the retail, commercial and construction sectors, while providing training and apprenticeships for local job seekers.