2019 was a successful year for our London based joint venture projects. The residential schemes are substantially sold, with only a few apartments remaining and the two larger mixed used projects, which are earlier in the development lifecycle, are progressing at pace.
Our Bankside Yards project, next to the Thames, will create a new neighbourhood for Bankside and which will reconnect space between the Tate Modern Gallery and Blackfriars station. The scheme will provide high quality residential apartments, premium commercial office accommodation, retail and a luxury hotel as well as culture and new public open space around fourteen historic railway arches.
The site is being developed in phases, with sections of the Western part of the site being progressed first. Through 2019 the basement works for this side have progressed well, with approximately 60% completed. It is expected that the main contractor for above ground works will be formally appointed shortly, starting these works in the middle of 2020. Demolition of Sampson House on the Eastern half of the site has been completed and following the year end, consent was achieved for a revised planning permission giving more area and approval for a luxury hotel. Marketing and pre-letting activity for the first office building advanced during the year with interest being seen from larger prospective tenants.
Paddington Square, our prestige mixed use scheme will offer 360,000 square feet of headquarters high tech office space, four tiers of curated retail, 1.35 acres of comprehensive public realm improvements and West London’s highest rooftop bar and dining experience, with views across the City skyline and Hyde Park. Development during the year on this scheme have been focussed on the ground works which have progressed well including putting in place the necessary infrastructure for a new road. The main contractor is appointed to progress the above ground stages during 2020. The appointed agents are working with the project team on seeking pre-let opportunities for both the office and retail space.
Units at the Holland Park Villas residential scheme situated overlooking Holland Park in Kensington, continued to sell during the year under review. This luxury gated development of 68 apartments and 4 penthouses offering residents facilities including a business suite, large gym, cinema room, games room and indoor swimming pool, only has two remaining apartments. Burlington Gate, located in Mayfair close to Bond Street, the hub of the fashion and the Royal Academy arts district, has also continued to market and sell its remaining units, with only one remaining now.
On the commercial front, the division owns prime commercial and retail properties such as Forum The Shopping Mall and Concorde Shopping Mall. The former is a 110,000 sq ft family-oriented mall that is primely-located at Singapore’s main shopping belt and is a mere 5-minute walk away from Orchard MRT station. Spanning over five retail levels, it caters to the needs of sophisticated shoppers and families with young children, housing global brands like CK Calvin Klein, Bao Bao Issey Miyaki, Toys “R” Us, Julia Gabriel Centre and Jamie’s Italian.