Funders reach into their pockets for tower

FLAT-HUNTERS looking for a pad near the South Bank without the Shard’s eyewatering prices, rejoice: a project to turn King’s Reach Tower into luxury high-rise housing has secured funding. CIT and Jadwa have raised £250m in Shariah-compliant construction financing, and hope to turn the vacant skyscraper into flats and office space by the end of 2015. The Kohn Pedersen Fox-designed scheme will extend the tower by six floors to create 173 apartments – 33 of which have already been snapped up.