Construction work has begun on a new office space scheme at 5 Broadgate.
Chancellor of the Exchequer George Osborne was there to break new ground at the site of UBS’ new headquarters.
Construction work has begun on a new office space scheme at 5 Broadgate which will become the new headquarters of Swiss bank UBS.
Chancellor of the Exchequer George Osborne joined owners Blackstone and British Land to break new ground at the site as the start of a three year construction phase begun. During this phase, 5 Broadgate is expected to create more than 5000 construction jobs and once completed will provide 700,000 sq ft of office space across 12 floors.
UBS have agreed to lease the entire building on an 18 year lease at a rate of £54.50 per sq ft. The £850 million development will house four trading floors in addition to custom built office space which will allow UBS to consolidate all its operations in the capital.
During the ground breaking ceremony last week George Osborne said the development signalled renewed hope for the struggling London office space market.
“There have been those who tried to block the redevelopment of the Broadgate site, but this Government has helped see the project through, so we can send an important message to the world – that Britain is open for business and is unashamedly pro enterprise. This new site, in the heart of the City, signals the confidence placed in London as the world’s leading financial centre,” he said.
Due to be completed in 2014, 5 Broadgate has been designed by Make Architects and will sit right at the heart of the Broadgate estate. The 32 acre site which is joint owned by British Land and Blackstone features 16 buildings which house more than 4.4 million sq ft of office, retail and leisure space located close to Liverpool Street station.