Lloyds discusses ‘Gotham City’ switch

Posted on 2 June, 2014 by Neil Bird

Lloyds of London is involved in talks which could result in the insurer quitting its iconic City headquarters for the forthcoming Gotham City development according to the Sunday Times.

Lloyds-discusses-Gotham-City-switch

Lloyds has occupied the Grade I listed Richard Rogers designed tower since 1986 but has made no secret of its frustrations with the building’s maintenance costs.

Last year former chief executive Richard Ward said; “There is a fundamental problem with this building. Everything is exposed to the elements and this makes it very costly.”

In addition, technological advances mean that Lloyds no longer needs the entire 350,000 sq ft and sublets around a third of the available space.

According to the report Lloyds is now considering relocating to offices in the nearby 910,000 sq ft Leadenhall Street development which was approved in February.

The new building is being developed by Henderson Global Investors and is designed by award-winning Make Architects.

It will vary in height from 7 to 34 storeys arranged in ‘vertical slices’ sandwiched between the Walkie-Talkie and the Gherkin. The nineteenth century 19-21 Billiter Street will be restored and integrated into the scheme which is due to be completed in 2020.

If the move materialises it will leave the Chinese owners of the Lloyds Building in search of new tenants. According to some experts in the City market this could prove difficult because, along with the maintenance costs, the building was purpose built and would require major interior alterations.




Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.


Recent Posts

Optimism from the Bank of England’s chief economist

The most expensive commercial properties.

Businesses operating from shared premises will miss out on grants

BA cuts 12,000 jobs, unions hit back

Media Streaming Service See Record Subscriptions

Covid-19 Causes Millions To Claim UK Furlough Scheme

America, Amazon Wants You!

UK Firms Battle To Survive

COVID-19 Grounds EasyJet Fleet

ECB Emergency Fight Back Aganist Covid-19

Aldi’s Expansion Plan

British Steel on the verge of collapse with over 20,000 jobs at risk

Paris watches as flames engulf one of France’s most famous landmarks

Debenhams on the brink of administration as board reject Ashley’s bid

Emmanuel Macron pushes for a new Europe with European Parliament elections on the horizon

Brexit impacts property market

Brexit uncertainty impacts the property market