Thursday, 15 April 2010

More on the Island site owners and development in Vauxhall

The good KOV folk have asked for more details on the company that owns the Island site in Vauxhall where two new tall towers are planned. I briefly posted the location of the site itself, here a few days ago.

The site is in the process of transfer from from Walford Maritime Pension Fund to development company, Kylun Ltd. Kylun Ltd. sent some representatives to KOV, who were apparently astonished to hear about the requirement to provide social housing, but they're only at the early planning stages!

According to their blurb, Kylun Ltd is a Special Purpose Vehicle (SPV) and the Island site will be its first project in the UK. Fal Oil company, an established and successful, private United Arab Emirates oil trading and bunkering company, is providing the financial backing for Kylun’s development operations in the UK. Squire & Partners have been appointed by Kylun as architects.

If planning permission is granted, Kylun will identify a development partner to deliver the scheme.


Mark L said...

Interesting... is this a re-hashing of the 2005 Vauxhall Island site plans from London & Regional, or something completely new? (

If it's something completely new, I wonder why their plans were dropped, and why Kylun thinks that the site's viable (surely, surely, it's not because they were doing their sums without social housing)

SE11 Lurker said...

I must confess that due to a crisis elsewhere the other night, I didn't personally hear the presentation, so I've not gleaned as much info as I usually would.

However, I believe that since the new owners have appointed new architects, it's likely that it will involve something of a re-design on what was originally proposed.

My guess is that the plans were dropped due to the previous owners struggling to obtain finance during the recession. I'm only guessing, but that seems to be the way the E&C development has gone, and it's now all about who can raise the cash. The new owners are fortunate enough to be backed by oil money, so if they can get permission, the development would likely go ahead (although, the land could still be sold off again, if it's unlucky enough to be like Battersea Power Station)!

I don't entirely believe the stuff about developers not knowing about social housing. I think they're all just pushing their luck. We shall see...

Anonymous said...

Squire & Partners have been appointed by Kylun as architect - this is the same office which was behind the original proposal from 2005(two towers)

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