Sunday 06 Oct 2024
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This article first appeared in City & Country, The Edge Malaysia Weekly on July 15, 2024 - July 21, 2024

The South Bank of the River Thames is dotted with vibrant art and cultural venues. Located along this bank is Bankside Yards, a mixed-use development that aims to reinvigorate a large site that was previously inaccessible, between the Blackfriars Bridge and the iconic Tate Modern art museum.

British developer Native Land is spearheading this project, with the backing of an international consortium that has a Malaysian hand in it — Amcorp Properties Bhd — together with Singapore entities, Temasek Holdings and Hotel Properties Ltd.

“It has been challenging for the real estate industry in recent years with the Covid-19 pandemic and geopolitical tensions, among others. However, the industry has been ultra-resilient. London is resilient. Demand is strong and the lack of supply of housing is offsetting the impact of the [high] interest rates,” says Native Land head of private transactions Mark Campbell in an interview with City & Country.

Bankside Yards, which sits on 5.5 acres, has a gross development value (GDV) of £2.5 billion (RM15 billion) and comprises eight buildings housing more than 700 homes, Grade-A offices, 50,000 sq ft of retail spaces and leisure amenities for a total built up of 1.4 million sq ft. In addition, the site will house the 33-storey Mandarin Oriental Hotel — which will be its third establishment in London. It is scheduled to open in 2028.

“This will positively impact the Bankside locality and the wider South Bank area. This is an important element of our intention to offer the very best amenities side by side with world-class cultural institutions, top-tier businesses and a rich and varied community,” says Campbell.

Repurposing a Victorian-era development

Opus, a 50-storey residential tower comprising 249 apartment units, will be the tallest building in the development and serve as the project anchor. The building is intertwined with elevated gardens, landscaped public spaces and the historic railway viaduct running through the middle of the site. The tower is scheduled for launch in 2Q2025.

“The architecture and design incorporate the [railway] arches, and this forms a major part of the development. We have done extensive refurbishment and there are now new pathways under the arches, connecting the east and west sides of the railway viaduct,” explains Campbell.

He adds that the focus on the railway arches, 14 of them, is part of Bankside Yards’ first phase of development. Together with the pathways, this forms a new public realm with green open spaces called the Invicta Plaza, connecting Bankside and the South Bank for the first time in over a century.

Arbor is the first building that was completed in 2023. It comprises 223,000 sq ft of workspace spread over 19 storeys. As of May 2024, it is 65% leased with tenants including The Carbon Trust, Legoland owners Merlin Entertainments, law firms Winckworth Sherwood and Lewis Silkin, FTSE 100-listed Smiths Group, and NYSE-listed companies, Flutter Entertainment and Wipro.

“Like any property, location is key. In central London, there is always a market for prime properties. And with property buyers becoming less reliant on car ownership, transport links and walkability are important. As for the project itself, security is paramount as well as quality amenities and building operation, and service costs.

“Native Land sets itself apart from competitors by providing high-quality offerings in its projects,” says Campbell.

Bankside Yards will be the UK’s first major mixed-use net-zero development (Photo by Native Land)

Fossil-free development, a fifth-generation energy solution

Until recently, the default solution was to employ gas-fired combined heat and power with a central energy centre to generate electricity and circulate heat around buildings — a third-generation energy solution.

This is replaced by all-electric solutions as part of the net-zero aspirations and sustainable building regulations. Bankside Yards has instead opted for a fifth-generation energy-sharing solution across the entire development, the first of its kind in the UK. All eight buildings will be 100% electric and will use air-sourced heat pumps with the overall power generation coming from renewable sources.

“This fifth-generation network manages peak usage across the entire estate, effectively reusing and recirculating waste heat throughout the buildings to provide heating and cooling,” says Campbell.

He adds that the first two buildings (Arbor and Opus) will reap the benefits of the energy-sharing network from the outset. “The benefits will be enhanced as each new Bankside Yards building is completed and gradually added to the network.”

Running carbon-neutral operations since day one, Arbor is equipped with triple-glazed low-iron glass and smart blinds for its facade to reduce solar heat gain. LED lights are equipped with smart sensors to provide savings while the green roof promotes biodiversity by encouraging local wildlife.

The development will feature a new public realm, connecting Bankside and the South Bank for the first time in over 100 years (Photo by Native Land)

All these translate into a 30% reduction in energy consumption compared with standard buildings. “Hence, the Arbor building has achieved a Building Research Establishment Environmental Assessment Method (BREEAM) Excellent rating and WiredScore Platinum and is ready to achieve WELL Platinum,” says Campbell.

The latest energy solution has managed to attract major tenants such as The Carbon Trust, a UK-based consultancy that specialises in accelerating the pace of private-sector decarbonisation and energy efficiency in the UK. The consultancy signed a 10-year lease to move its headquarters to Arbor.

Meanwhile, the soon-to-be-launched Opus (2Q2025) residential tower will be equipped with optimised windows to minimise solar heat gain and create shade, while maximising daylight and still allowing for stunning views over London.

“The high-efficiency air-sourced heat pumps at the roof are linked to thermal storage in the basement, balancing the energy demands of Opus across the individual apartment heat pumps,” says Campbell.

Other features include ceiling-mounted fan coil units in the apartments that provide both cooling and heating, and underfloor heating in bathrooms.

He notes that the energy-sharing network prevents overheating in the residential corridors, a common problem in some developments.

Apart from that, Bankside Yards utilises an electric underground logistics network that will minimise disruption, congestion and truck movements throughout the development. This network frees up more space for amenities, public spaces and biodiversity with the addition of 150 trees of 20 species planted around the site. The effort is in line with the London mayor’s commitment to have a 10% increase in London’s tree canopy cover by 2050.

The 14 Victorian-era railway arches are repurposed into retail spaces and other public offerings upon restoration (Photo by Native Land)

What’s next?

Campbell says Native Land managed to navigate the difficult times by building high quality and significant buildings in central London as well as outside of the capital. “Our acquisition team is actively looking for more land.”

The remaining six buildings of Bankside Yards (including the Mandarin Oriental Hotel) will consist of a mix of residential and commercial properties.

“It will be the last piece of jigsaw for the prime riverside developments,” says Campbell.

He adds that Native Land will focus on other developments, such as a 60-unit residential apartment in Belgravia, for which the planning consent has been obtained. “It is a prime area. We also have a residential development in George Street in Marylebone as well as a site in Guildford in Surrey, a transit commuter town.”

Meanwhile, the developer will zoom in on its maiden and partly completed residential project in Scotland called New Eidyn, which will be a part of the 1.7 million sq ft regeneration project of St James Quarter in Edinburgh.

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