The Grosvenor Estate, has secured £170m in development finance for an upmarket residential tower scheme on the south bank of the Thames in London. Financial Times (Sat)

Bank of Scotland yesterday said that it would back the development of Project Bankside', which will comprise 370 apartments in five buildings next to the Tate Modern, helping to assuage fears of a wholesale drought in development finance in the UK.

The scheme will have a completed value of £400m, and will be developed in a joint venture between Grosvenor and Native Land, a London-based residential specialist.