The London-based company has gained approval for the £105m office development hub which will house 289,00 square feet of office space.
Derwent London has been granted planning permission for a 16-storey office block and associated developments by Old Street Roundabout in the City of London Borders.
The 289,000 square foot redevelopment of the City Road Estate site includes 271,000 square feet of London office space to rent, 10,000 square feet of retail and 8,000 square foot of private residential accommodation.
The capital expenditure for the new scheme is anticipated to be in the region of £105 million.
The centrepiece of the building’s design by architects Alford Hall Monaghan Morris is a 16-storey building of London office space to rent that will incorporate Derwent’s ‘White Collar Factory’ concept.
The design uses passive measures such as concrete-slab cooling and generous floor-to-ceiling heights to provide spacious, flexible London office space to rent that is cheap to run and more environmentally sustainable than a conventional building.
The planning permission from the London Borough of Islington includes full payment of the Crossrail levy and a large contribution for off-site affordable housing, according to the developer.
The main building will be complemented by mixture of new and refurbished five and six-storey office buildings that will be targeted at technology companies are being attracted to this area.
Derwent London chief executive John Burns said: “We are delighted to have won this major planning consent, which follows closely on the heels of our recent planning success at 80 Charlotte Street, Fitzrovia W1. The proposed City Road Estate scheme, incorporating our White Collar Factory concept, will be an exciting new project for the group at this up-and-coming location that is proving highly appealing to the technology and media sectors.”
The new scheme represents a 130% increase on the building’s current floorspace of 124,000 square feet.