Beetham Tower site is put back on the market by administrators

THE SITE earmarked for the 53-storey Beetham Tower on the south bank has been put back on the market by administrators BDO.

The site at 1 Blackfriars Road, once owned by Beetham Organisation and Russian developer Mirax, will be formally marketed by CB Richard Ellis in early 2011.

Royal Bank of Scotland placed the developers’ subsidiary into administration in October, after the pair failed to agree on further funding.

The Beetham Organisation and Mirax said in a statement they expected to be taking the project out of administration “very shortly, in association with new investors”, but no offer to buy back the plot has emerged.

BMO said it expects the site to bring in excess of £150m.

The developers gained planning permission in 2007, and estimated the cost of developing the skyscraper at £1bn. The pair had planned to build 64 luxury apartments and a 261-bedroom hotel in the tower.

Beetham Organisation hoped to emulate the success of its project in Manchester, also named the Beetham Tower, which attracted tenants including the Hilton Hotel to the city centre.