Construction work on Mitsui Fudosan UK and development partner Stanhope’s 300,000 sq ft prime London City office building at Angel Court has reached the half-way point ahead of its completion in Q4 2016, which is set to supply much needed high quality space to the City.
Situated next to the Bank of England, the 24 storey building occupies a unique core City location and is one of two office buildings that are set to be completed in the City of London next year, offering larger floorplates than 18,000 sq ft.
Construction began at Angel Court in August last year and the finished product will comprise 140,000 sq ft of new Grade A office space across six ‘Garden floorplates, with sizes ranging between 18,000 sq ft and 27,000 sq ft. On top of that, an additional 160,000 sq ft over 18 upper ‘Sky’ floors, each having 8,750 sq ft will be supplied.
By the end of 2016 in the City of London, it is expected that 4,000 extra people will be employed in the finance, legal, professional and tech, media and creative sectors, which in turn could result in a demand for as much as 400,000 sq ft of floorspace.
Cushman & Wakefield, who advise Mitsui Fudosan UK and Stanhope, who also act as joint agents alongside GM Real Estate. They have discovered that even though demand is set to grow, the amount of high quality office space in the Square Mile is decreasing.
It was found that only 1.2 million sq ft of new or newly refurbished space is currently available, which is at its lowest since the peak of the last property cycle in 2007.
