In a nod to the ever strengthening London office market, Premier Property Group have submitted a planning application for a new office development in EC4.
The developer plans to turn PricewaterhouseCooper’s current HQ at Plumtree Court, EC4 into 412,000 sq ft of new office space. Premier Property Group was originally granted permission to refurbish the building in 2008 but the firm now believe a new build would be a better solution. It’s thought PwC will move staff to its current premises at Embankment Place WC2 and 7 More London SE1 once it completes its lease at Plumtree Court in December 2011.
The 10-storey scheme is estimated to cost around £80 million, excluding fees, to build and will be designed by Rolfe Judd. The building’s large trade floors have been designed to attract banking tenants, while a “twin-skin facade” is another key selling point. This feature involves rotating blades which follow the course of the sun, making the building’s appearance change throughout the day.
It’s thought PPG could receive a response to the planning application by the end of the year and, if successful, could start taking pre-lets on the scheme by as early as 2011.
This planning application indicates yet again that the London office space market is well on its way to recovery. In the last few weeks a number of developers have announced new planning applications and builds as they look to attract new tenants on the back of the economic downturn.