International investor snaps up the last £125m of apartments in CIT’s South Bank Tower
Developer celebrates as all 193 residential units are now sold in its landmark South Bank Tower office-to-resi scheme.
The final apartments at CIT’s Kohn Pedersen Fox-designed South Bank Tower have been sold in a massive job-lot deal to an international investor.
The buyer, advised by Bond Street-based real estate investment firm Jackyl, spent “in excess of £125m” on the flats in the 41-storey building (formerly an office block known as King’s Reach Tower).
CIT, acting as development manager for South Bank Tower Limited, turned the 31-storey 1970s block into a 193-unit luxury residential scheme. SBT Ltd acquired the building back in 2010 in a JV with Jadwa Investment for c.£60m, securing planning permission for residential conversion the following year. Plans were revised in 2013, with five additional storeys and 18 apartments being added to the spec.
CBRE and Savills have been handling resi sales at South Bank Tower; CBRE, assisted by Paradigm Land, advised Jackyl throughout the purchase.