RBS appoints administrator on Beetham London Tower

The Beetham London Tower scheme, located at One Blackfriars Road in the City, has been put into administration by the Royal Bank of Scotland.

The 52-storey development project is owned by a joint venture between Liverpool-based Beetham Holdings and Russian property company Mirax.

Beetham has reportedly said it could be brought to market, even though it was working to bring in new investors and bring the scheme out of administration, with bids in excess of £150m expected for the site.

Beetham added it will be marketed internationally at the beginning of 2011, if the opportunity comes to the market, with Knight Frank acting for Beetham/Mirax and CBRE on behalf of RBS.

In April, the scheme had an £80m loan secured against it extended for 18 months.

The tower will feature a 261-bedroom Jumeirah hotel and 64 luxury apartments.

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Sing of things to come; bank sniffs a little bit of profit and they’re in. North West developers you have been warned.

By Sb