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South Bank scheme tenders prepared

Three firms are preparing initial documents for a £100 million scheme on London’s South Bank.
Sir Robert McAlpine, Laing O’Rourke and Carillion have all prepared initial documents for a new residential scheme, located behind the Tate Modern art gallery in London.
Incorporating residential apartments, retail and commercial space, the scheme is being led by a joint venture client featuring Native Land and Grosvenor Estates.
Native Land, through its commercial development business Clan Real Estate and residential business, Buccleuch Properties, is managing the development for the joint venture.
Last year architect Richard Rogers was brought on board to design a residential tower on Sumner Street which will form part of the scheme.
A source close at one bidder said: “This is not yet initial costings stage, it is more like initial proposals – working out a plan to develop the area into five residential blocks.” Tenders for the initial proposal stage were returned at the end of last week.
The next stage will be inviting the firms to price the job, before a contract award is made early next year.
Known as Bankside 4, the joint venture client is in the middle of a marketing scheme to re-brand the development.
The project forms part of a wider redevelopment of the Bankside area. In 2004 Bovis Lend Lease was appointed by Land Securities to turn the former Highways Agency headquarters into a £200 million new office and commercial development, known as Bankside 123.
Bankside 1 was completed last year and in January 2006 magazine publisher IPC moved into the development, renamed the Blue Finn Building. The final phase of Bankside 123 is due for completion in the next few weeks.
In October 2005 Land Securities exchanged a £24.5 million contract with Clan Real Estate and Grosvenor for the disposal and redevelopment of Bankside 4.
The property, currently an industrial estate, was identified as a potential residential development site and an important element of the Bankside regeneration initiative surrounding Tate Modern.
Construction work on the Bankside 4 development is set to start in summer 2008.