Chinese developer R&F agreed a £772 milion (US$939 million) funding package for One Nine Elms enabling a full workforce to return to work for the first time since January 2022.
The project, which is based in Vauxhall, has been experiencing uncertainty since January—with Construction News revealing earlier this year that workers were leaving, after R&F failed to pay contractor Multiplex for the work it had done.
Completion had initially been earmarked for November 2021, according to construction intelligence provider Glenigan.
However, the developer has now said the project should reach full completion by 2023, thanks to a recent deal. Two buildings—the 58-story City Tower and 42-story River Tower —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.
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. Funding for the works secured last week came after R&F finalised an agreement with Global Management, Carlyle Group, Crosstree Real Estate Partners and Précis Capital.
R&F’s property portfolio on the 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.
R&F still owns One Nine Elms and Queen’s Square in Croydon, which it acquired back in 2017.
For more on this story, go to Construction News.