Office development to be constructed in London by Hammerson.
New mixed use development skyscraper to be developed in London.
Hammerson has released details of London’s next office development. The skyscraper will be know as Principal Place and cost around £350 million to create. The building will be used for mixed purposes and will contain 243 luxury apartments alongside approximately 590,000 square feet of quality office space.
The news comes at a time when demand for London office space is high. A current lack of developments has resulted in higher rental prices. London has seen an increase of 12 percent in office inquiries in the first quarter.
There has been a recent increase in office developments beggining in the UK capital including the controversial Bishops Place scheme. This has been met with a great deal of opposition from local protesters.
Other schemes in the city include the construction of office space in 280 Holborn and the BFLS developments in Hammersmith.
Hammerson is searching for a pre-let agreement before it formally launches the development.
“The evolution of the scheme means we can now offer a high quality differentiated office product to City occupiers at a time when there is modest supply for this type of building,” commented Martin Jepson, managing director of Hammerson London.
The building was designed by Foster and Partners who have previously worked on City Hall in London, the Reichstag in Berlin and Hearst Tower in America.