Communities Secretary Hazel Blears has approved the Beetham Organisation's plans for an 820,000 sq ft mixed-use development in London, bringing much-needed value into the company's portfolio.
The importance of the public inquiry decision was highlighted by Beetham's auditors in recent accounts filed at Companies House, stating that bank facilities could have been withdrawn without the go-ahead for the project in Blackfriars.
Beetham reportedly has debt of £300m on tower projects in Liverpool, Manchester and Birmingham.
In London, Beetham and joint venture partner, Russian investor Sergei Polonsky, will build towers ranging from 23 to 52 storeys at 1 Blackfriars Road. Polonsky paid £112m for a 50% stake in 1 Blackfriars last summer.
Hugh Frost, chairman of Beetham, said: "This is a much needed boost to London. The development is a vital part of the regeneration of the South bank of the Thames, creating an iconic landmark and tourist destination, as well as providing jobs and a total transformation for the area."