British Land and new joint owners GIC have unveiled plans to redevelop Broadgate, the 32 acre office and retail complex in the City of London.
The plans follow the acquisition of a 50 per cent stake in the estate by GIC from Blackstone which is believed to have cost the Singapore wealth fund £1.7 billion.
Together, British Land and GIC will spend £20 million on the next stage of the redevelopment which will involve the refurbishment of 100 Liverpool Street and provide, what is described as, “a significant expansion of the retail offer around Broadgate South”.
Tim Roberts, of British Land, said: “We see a significant opportunity to move Broadgate from a more traditional City orientated office estate into a vibrant, mixed use campus serving not just the City but also the emerging districts to the north and east of the City.”
These areas include the creative and tech hubs of Shoreditch and Old Street and the statement suggests the partnership is seeking to attract tenants from these industries as well as shoppers and diners.
Speaking on behalf of GIC, head of European property Christopher Marsh said; “Together we will continue to enhance the value of the asset through active repositioning and redevelopment of the office buildings and by enhancement of the retail and leisure facilities.”
The expansion is expected to be completed by 2018 to coincide with the arrival of Crossrail in the City.
“With the improving rail links, this will attract a broad range of occupiers to the estate,” Mr Marsh added.
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