Development Duo: London City Offices Go Ahead in Insurance District
Providing yet another sign that the London office market is thriving once more, two large developments of London City offices are to go ahead in EC3 at the heart of the City’s insurance district.
In the first of the two projects, Helical Bar has revealed that it is to start work on a seventeen-storey office building on Mitre Square. The project is to go ahead thanks to the formation of a joint venture between the developer and HOOPP (Healthcare of Ontario Pension Plan Trust Fund).
Known as Creechurch Place, the building will offer 271,000 sq ft of Grade A London City offices over seventeen floors, with views of iconic City landmarks including the Gherkin.
The scheme has been designed by Sheppard Robson, whose previous projects have included BBC Broadcasting House, Orange’s offices at MediaCity in Salford, and No. 1 Old Jewry in the City.
Michael Cassidy, Chairman of the City of London Corporation’s Property Investment Board, stressed the significance of the development: “This is an important deal for the City and confirms that London continues to attract major international investors. This redevelopment will help to ensure that occupiers from home and abroad can house their employees in new office space in the heart of London’s financial centre”.
Meanwhile also in EC3, the development at 10 Fenchurch Street has seen one of the largest pre-let office deals in recent years, with international asset managers M&G signing for 323,000 sq ft of space in state of the art building.
M&G’s pre-let agreement means that construction will now commence, while agents for the project will continue to look for tenants to take on the remaining 107,000 sq ft of space.
Generali Real Estate is behind the development of the site which will see the creation of thirteen storeys of London City offices within a striking, glass-fronted building. Designed by Eric Parry Architects, whose previous projects include offices on 60 Threadneedle Street, 50 New Bond Street and One Eagle Place, the finished structure will also feature a public roof garden, an increasingly popular feature in high-rise London City offices.
These latest developments come as London’s office market is experiencing strong demand and take up. However, with construction projects also on the increase, properties like 10 Fenchurch Street and Creechurch Place will be competing against landmark building projects such as the Cheesegrater and the Walkie-Talkie (both launching this year), to secure tenants for the remainder of their space.
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