Tall Towers, Autumn 2012
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RESIDENTIAL RESEARCH Tall Towers 2012 London’s high-rise residential developments 2012 tall towers www.KnightFrank.com This report is the first comprehensive assessment of London’s burgeoning residential tower sector. We examine the funding, planning, construction and Overcoming planning hurdles pricing dynamics for tall residential buildings. We also confirm the location of all major schemes in the development pipeline. The only way is up for London, but tall towers pose unique challenges for planners, warns Chris Brett, Partner at planning and design consultancy Barton Willmore: Tall towers, whether residential or commercial, recently highlighted in our London Development have been a notable feature of the London Report, and the high price of development land City Planning Officer Peter Rees has publicly Planners must also consider highly protected “ There is real demand Ken Livingstone was clear in his support for skyline since the 1960s, when the lifting of in the capital, it is unsurprising that residential said that we’re unlikely to see more tall towers viewing corridors towards strategically for apartments tall buildings which met the above criteria and height restrictions on buildings led to a flurry towers are increasingly being examined as a way in the City itself after the current spate important landmarks including both the Boris Johnson has continued this through the offering a slice of of development. But the poor appearance and to boost the supply of homes in London. complete. But while the square mile may have corridors themselves and wider setting. London Plan process. Both have recognised the ‘luxury’ London and quality of many of these early residential towers called time on building up, across London tall Aspects of views which contribute to World important role tall buildings play aesthetically unrivalled views led to a backlash against building ‘up’ – until There are 25 schemes which include a tall tower, buildings are the landmarks of the future. Heritage Sites are also protected, which for and as an economic catalyst for regeneration. across the capital.” the noughties. defined as having 20 or more storeys, currently London means the Tower of London; under construction in central London, and a In thriving cities like London, tall towers work. Westminster Abbey, Palace and St Margaret’s The fruits of this support can be seen Gráinne Gilmore, Head of UK Residential Research The recent completion of The Shard, designed further 78 schemes that include at least one They allow many thousands more people to Church; Maritime Greenwich; and Kew Royal throughout the capital and regardless of who in 2000 and completed this year to become tower which have been granted planning live and work in the central zones near major Botanic Gardens, some of which are included is in power one thing is for certain – London’s the tallest building in Europe, has once again permission, as shown in our unique London transport hubs and have tremendous power to in figure 1. future lies in the sky. drawn attention to the scope for residential pipeline development maps on pages 8-9. and mixed-use towers in London. But this regenerate the area around them. If those hurdles can be overcome, then There are rewards for developers in this ‘new development has not happened in isolation. Planners recognise the benefits of tall developers can expect a warm reception. “ Tall buildings are widely wave’ of tower development. There is a potential The Heron, a 36-storey residential tower is buildings too. The economic, aesthetic and In recent years there has been a sea change accepted, but the planning almost ready to residents in the City of London, value premium achievable for schemes built to in attitudes towards tall buildings, largely sustainable planning advantages are well while The Tower at St George Wharf, which at 49 the right specification, as discussed on page 7. as a direct result of the creation of a Mayor of process is challenging. known. Clusters of towers can give previously storeys will become one of Europe’s highest But there are also major challenges, including London. The capital has long needed someone unheralded areas an identity – just look at How can developers residential buildings, will be completed next year. funding, planning and construction, which are in a position to take a strategic overview, with With the lack of residential supply in London, examined in detail over the next five pages. Canary Wharf. At Chelsea Creek, St George’s the power and teeth to deliver it. ensure success?” forthcoming 25-storey residential tower will help identify an area that was home to a former Figure 1 Preferred locations for towers (London Plan) including heritage sites and protected viewing corridors gas works. Towers add character to an area, acting as signposts across the capital. new look: Key How new sustainability rules could affect tower design But if the benefits of tall buildings are so Tall towers preferred locations widely accepted, why is the planning process World heritage sites When the Coalition Government came This not only reduces the impact on the World heritage site buffer so fraught with challenges, and how can to power in 2010, it continued the environment, but results in lower bills for Protected vistas and viewing corridors developers ensure success? occupiers, something that has increased Boroughs Labour Government pledge that all in importance in recent years after sharp Towers that have a limited impact on the historic new homes built in the UK would be jumps in both electricity and gas costs. context of London are far more likely to be given zero-carbon from 2016. This not only In 2011 alone, electricity bills rose by 15%, the go-ahead. Clustering tall buildings is also has an impact on the wider house- while gas bills were up nearly 20%. preferred so that their effect on the London building industry, but affects plans skyline can be managed, making areas like the for new towers which will provide David Goatman, Head of Sustainability Docklands and, more recently, Nine Elms a residential housing. Consultancy at Knight Frank, says: “The move to zero-carbon residential natural home for towers. Defining zero-carbon has always been a development means that buildings could Experience shows that towers which have good thorny issue. The Coalition Government look very different. Large glass structures, access to transport links have the best chances diluted the definition of zero carbon so it no the kind which are very popular for those of success, given that there is infrastructure in longer includes ‘unregulated emissions’ building residential towers, are not ideal place to cope with a rise in the numbers of such as electrical appliances and equipment when trying to drive down carbon people travelling to and from the vicinity. used within the home, however even the emissions and energy consumption. revised requirements are considered For example, the glass facades often act The London Plan sets out clear criteria against undeliverable by many developers. The to heat up the internal spaces of the building, which tall buildings will be assessed. revised definition is broadly comparable to so a lot of electricity is needed Level 5 of the Code for Sustainable Homes to cool it down again. Unless technology These insist that towers do not adversely affect rating system, which indicates that there can find ways of adapting to the low carbon their surrounding area, relate well to the must be zero net emissions of carbon dioxide challenge, for example producing more existing urban grain especially on ground level (CO2) from all energy use in the home. Many efficient types of glass facade, tall and achieve high standards of design and recently built houses are built to Code for residential buildings may be forced to construction. Publicly accessible top floors are Sustainable Homes Level 3 or 4. change in appearance.” also looked upon favourably. Source: Barton Willmore, GLA 2 3 2012 tall towers www.KnightFrank.com Construction: cost drivers The cost dynamics of building a tower differ markedly from those in a lower rise lateral development. Paul Cohen, Partner at EC Harris, the built asset consultancy, explains: Tall towers are not surprisingly more In addition, labour productivity on towers space is less than in an alternative lower- electrical engineering services. A height of Figure 3 “ The largest expensive to build than low-rise tends to be lower due to various logistical rise development. around 100 metres, which is usually 30 Tall Tower schemes development pipeline Construction status factors, including the increased time taken floors, represents a barrier beyond which incremental increase developments, but why? The layout of apartments also has key cost to get workers to the workface, especially as there is a cost ‘step point’. Firstly, the building form and technical implications. While it is understandably in construction costs the tower gets higher, and the increased design complexities of tall towers incur desirable to have the maximum number There are a number of inter-related factors health and safety measures needed to keep occurs in the 25-40 higher costs than other types of of apartments possible per service core in which drive these cost differentials, those workers safe. development. In fact, the design of a tall order to keep costs down, this needs to be which include: storey range.” balanced against the need to meet fire tower, needs to be cutting edge not only to • Water supply – the cold water supply Paul Cohen and building regulations, as well as the attract buyers but to secure initial planning needs to be boosted in high rise buildings. overriding need for each apartment to consent. Such high quality design adds a One solution is to provide break tanks at have optimum external views.