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New wave of residential towers set to transform London skyline

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New wave of residential towers set to transform London skyline

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Published by Max Salsbury for 24dash.com in Housing and also in Development

New wave of residential towers set to transform London skyline New wave of residential towers set to transform London skyline

A new report has detailed how the London skyline is set be transformed by a new wave of residential and mixed-use towers.

Produced by Knight Frank, EC Harris and Barton Willmore, 'Tall Towers 2012: London's high-rise residential developments' examines the planning, construction and funding challenges in building tower schemes.

The report admits that additional costs can be attached to building 'up' but also finds that there can be a cost versus value benefit of building higher in certain locations across the capital.

It is revealed that there are currently 25 schemes under construction in London which include one or more residential or mixed-use towers, while a further 78 such schemes have planning permission.

However, despite widespread political acceptance of the benefits of tall towers, the report says that planning permission can be difficult to obtain.

Stephan Miles-Brown, Head of Knight Frank Residential Development, said: “This is London’s decade of towers: with residential land values up 20.3% in the last twelve months and a population boom, a need for the most effective use of space is evident.

"However, only 30% of the schemes including towers with planning permission are underway – partially a symptom of the challenging funding climate.

"The well-designed, centrally-located towers we will see succeed in the next few years will have a definite cachet – the clear premium for living at the top is a key driver in the development of a tower.”

Paul Cohen, Partner at EC Harris, added: “We are continuing to see a complex inter-relationship between land values, construction costs and sales values on many high rise schemes.

"The need for properly thought out sensitivity testing of varying heights, building shapes and efficiencies is key to project optimisation.”

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