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  1. ITV Report

Tallest residential tower development 'still viable' despite Brexit

The build will go ahead, according to Abigail Tan, head of the St Giles Hotels Group. Photo: PA

Plans to build one of the tallest residential towers in the capital will press ahead despite Brexit.

Abigail Tan, head of the St Giles Hotels Group, says the £800 million to £1 billion mixed use development in Blackfriars remains viable, despite rising costs linked to the collapse in the value of the pound.

"Our plans haven't been altered by Brexit, yet," she said. "Blackfriars is still viable and we're pushing ahead with it, although we're cautious of costs rising.

"We're still investing heavily in the UK and still have faith in the UK economy as a hub for business and finance."

St Giles, whose parent company is listed Malaysian firm IGB Corporation - headed by Ms Tan's father Robert Tan - is waiting for Southwark Council to approve planning applications.

The Blackfriars development would include a hotel and what would become one of the tallest residential towers in London, as well as commercial and retail space.

If Southwark approves the plans, the development could be up and running as soon as 2020.