London project offered to Asian investors

CENTRAL London developer Native Land is previewing its NEO Bankside in Asia, claiming this is the first time Asian buyers and investors have been offered preferential access to a prime central London development.

Asian investors will get first bite at 197 units, priced from £1,000-£1,500 per sq ft. The entry level price for a two-bedroom unit approaches £1 million.

Located next to the Tate Modern gallery on the South Bank of the River Thames, NEO Bankside is a 50-50 joint venture by Native Land and Grosvenor, the Duke of Westminster’s privately owned property group. The project is Grosvenor’s first residential venture in London.

‘Asia represents an important and growing market for Native Land,’ said the latter’s chief executive Alasdair Nicholls. ‘Our team has a long history of co-development with Asian investors and developers.

‘As such, we feel our latest project – with its design, features and location – will capture the interest, needs and demands of discerning Asian buyers.’

NEO Bankside’s 197 units are arranged into four pavilions, ranging from 12 to 24 storeys high. Residential layouts range from one, two and three-bedroom apartments to a limited number of duplex penthouses. Construction began in January 2009, with the first phase scheduled to be completed by the end of 2010.

The whole development will be completed by the end of 2012.

Source: Business Times, 20 Oct 2009