Network Rail and Hines are defying the recession by pressing on with their development on London’s Cannon Street, EC4.
The project, dubbed Cannon Place, consists of 400,000 square feet of space, including 8 storeys of office space above a new railway concourse and tube station entrance. A few weeks ago they released new images of the building which they said “bucked the trend” by being one of the only new office buildings to open in 2011. The current train station at Cannon Street is one of the busiest in the UK, serving 95,000 City workers a day and is in desperate need of a transformation.
The current 12 storey tower is said to have “outgrown its usefulness” and the development comes as part of Network Rail’s plans to utilise its large amount of commercial properties across the country.
The new office complex will leverage private sector capital to fund the station revamp.
“The recession won’t stop Cannon Place becoming a landmark once again. Its design will make it one of the best new office spaces in the City and its location puts it at the heart of the action,” said Mark Swetman, Project Director at Hines. “This development is a great opportunity to add value to the City.”