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The UK’s largest real estate investment trust (REIT), Land Securities, has been granted permission to build a new office space development in London.
Land Securities intends the mixed use project to consist of two buildings located on 30 Old Bailey and 60 Ludgate Hill.
Between them the two buildings will offer 347,000 square feet of office space as well as restaurants, retail facilities, pedestrian links and public areas for those who work and live in the area.
Colette O’Shea, Head of Development, London Portfolio, Land Securities, said: “We were the first to re-start a major development programme after the downturn anticipating supply constrained conditions and this is the latest part of our clear plan to deliver over two million sq ft of new space by April 2014.”
Both buildings will be completed by 2013, a year when new major developments will be available in London.
Famed German architects Sauerbruch Hutton are to design the building on Old Bailey, which will have 195,000 square feet of office space across nine floors. Each floor will average approximately 22,600 square feet and will provide view of the City. The ninth floor will have two open terraces looking onto St Paul’s ad Old Bailey itself.
The building on Ludgate Hill will be designed by British architects Fletcher Priest and will boast 152,000 square feet of office space and 25,000 square feet of retail and restaurants. Included will be a new pedestrian thoroughfare. The fifth floor of the building will have a large outdoor terrace.
Recently rival REIT British Land posted a 12.5 percent increase in net asset values, seen by many as a positive sign for the British commercial property market.