{"id":460326,"date":"2022-06-23T12:18:26","date_gmt":"2022-06-23T11:18:26","guid":{"rendered":"https:\/\/www.constructionnews.co.uk\/?p=460326"},"modified":"2022-06-23T12:18:26","modified_gmt":"2022-06-23T11:18:26","slug":"troubled-one-nine-elms-site-to-be-completed-by-2023","status":"publish","type":"post","link":"https:\/\/www.constructionnews.co.uk\/buildings\/troubled-one-nine-elms-site-to-be-completed-by-2023-23-06-2022\/","title":{"rendered":"Troubled One Nine Elms site to be completed by 2023"},"content":{"rendered":"

R&F Properties\u2019 troubled One Nine Elms site in London is due to be completed in November 2023.<\/p>\n

Last week, Chinese developer R&F agreed a \u00a3772m funding package for the site, <\/a>enabling a full workforce to return to work for the first time since January.<\/p>\n

The project, which is based in Vauxhall, has been mired in uncertainty since January \u2013 with Construction News <\/em>revealing earlier this year that workers were leaving in droves<\/a>, after R&F failed to pay contractor Multiplex for the work it had done.<\/p>\n

Completion had initially been earmarked for November, according to construction intelligence provider Glenigan.<\/p>\n

However, the Chinese developer has now said the project should reach full completion by 2023, thanks to last week\u2019s deal.<\/p>\n

Two buildings \u2013 the 57-storey City Tower and 42-storey River Tower \u2013 are being built at One Nine Elms. City Tower will contain 334 homes, while River Tower will consist of a 203-room Park Hyatt Hotel and 103 luxury apartments.<\/p>\n

The shell and core of the two buildings has largely been completed, according to R&F. Once finished, Multiplex will turn to the fit-out work.<\/p>\n

Funding for the works secured last week came after R&F finalised an agreement with Global Management, Carlyle Group, Crosstree Real Estate Partners and Pr\u00e9cis Capital.<\/p>\n

Guangzhou R&F Properties chairman Li Sze Lim said R&F was \u201cfirmly committed\u201d to its investments in the UK, and \u201cin particular\u201d to One Nine Elms.<\/p>\n

\u201cThe newly established relationship with a world-leading consortium of experienced financiers is also reflective of their confidence in the execution team to deliver the project to completion,\u201d he added.<\/p>\n

R&F\u2019s property portfolio on the coveted Nine Elms stretch of south London is now limited to One Nine Elms, after it sold its other two properties to other developers following its financial difficulties.<\/p>\n

In March, the Chinese developer lost about \u00a360m after selling its Vauxhall Square<\/a> site to Hong Kong-based developer Far East Consortium.<\/p>\n

The firm followed that up by selling its 50 per cent stake in Thames City to partner CC Land in April, for about \u00a3275m (2.66bn Hong Kong dollars), losing around \u00a3190m. CN <\/i>understands that R&F is still working as development manager at Thames City, on behalf of CC Land.<\/p>\n

R&F still owns One Nine Elms and Queen\u2019s Square in Croydon, which it\u00a0acquired back in 2017<\/a>. Ardmore was appointed on an early phase of the Croydon job, worth \u00a3100m in 2019, although work stopped that year, following doubts over plans to build a \u00a31.4bn Westfield shopping centre nearby.<\/p>\n","protected":false},"excerpt":{"rendered":"

R&F Properties\u2019 troubled One Nine Elms site in London is due to be completed in November 2023. Last week, Chinese developer R&F agreed a \u00a3772m funding package for the site, enabling a full workforce to return to work for the first time since January. The project, which is based in Vauxhall, has been mired in …<\/p>\n","protected":false},"author":90643,"featured_media":451993,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ep_exclude_from_search":false,"footnotes":""},"categories":[547,541],"tags":[],"class_list":["post-460326","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buildings","category-multiplex","issue-online-news"],"yoast_head":"\nTroubled One Nine Elms site to be completed by 2023 | Construction News<\/title>\n<meta name=\"description\" content=\"R&F Properties\u2019 troubled One Nine Elms site in London is due to be completed in November 2023. 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