The flood of development and redevelopment projects in London continues, with demand from international businesses for high quality office space now reaching record heights. This week, it has been revealed that British Land will take control of the redevelopment of one of London’s prime locations, with another mixed use complex now in the pipeline.
Under the terms of the agreement which British Land entered into with The City of London Corporation, the development firm will acquire a long leasehold interest upon completion of the redevelopment of the Shoreditch Estate. In essence, this means that British Land will benefit from business and private interest in the site for years to come – giving this investment the potential for huge returns well into the future.
Head of Offices at British Land, Tim Roberts, says; “The Shoreditch Estate is a growing area of London and plays well to our planning and development skills.
“With much of our existing development programme completing over the next year, this site further adds to our pipeline.
“We remain positive about the outlook for development in London and expect this investment to generate good returns for our shareholders.”
The area to be redeveloped comprises of three sites with a total space of 2 acres, fronting both Shoreditch High Street and Norton Folgate.
It is thought that around 320,000 square feet of commercial and residential space will eventually be created across the three sites, with high quality office and retail space being key features of the development.
Nigel Webb, British Land’s Head of Development, explains how the firm will attempt to draw in creative firms through the use of aesthetic appeal.
He says; “We are excited by the site’s potential to provide a vibrant mix of offices integrated with retail and leisure uses along with high quality residential.
“We expect the smaller offices to appeal to increasing demand from technology and media companies in this area of London.
“A number of the existing buildings will be retained and brought back into active use to provide an attractive and characterful environment.”
British Land is presently a market leader in the provision of sustainable buildings, with initiatives such as solar panelling and rainwater filtering bringing costs down for tenants and residents within their developments. While plans are still to be drawn up and planning permission yet to be granted, it will be interesting to see how the firm rises to the challenge of creating a characterful, eco-friendly development right in the heart of the capital city.
