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The City of London said it will grant Land Securities planning consent to develop roughly 250,000 sq ft of offices and retail space at 1 New Street Square, close to St Paul’s Cathedral, one of the great icons of the British capital.
Robin Partington Architects designed the building that will sit on the corner of Shoe Lane and Little New Street in an area of London’s Midtown that has changed dramatically in recent years.
Work on Land Securities’ latest set of London offices is scheduled to begin in 2013 and to have completed before the end of 2016.
“New Street Square has become an important London location and has helped put Midtown on the map. 1 New Street Square will be a natural extension to the area, making it even more attractive to potential occupiers,” said Colette O’Shea, head of development for Land Securities’ London portfolio.
“It will bring much-needed grade-A office space to London in 2016 and help maintain London’s reputation as an attractive place to work,” she added.
The organisation behind the plans say the offices will deliver “spectacular” views of St Paul’s Cathedral as well as highly desirable office space in the heart of London.
Land Securities’ list of office developments in and around central London is a lengthy one indeed and many of its properties are valued in hundreds of millions of pounds.
Its One New Change site in the City of London, which incorporates areas of office space but is principally a retail destination, also boasts some of the most advanced energy efficiency features of any site in the UK.
Editor’s notes: The second phase of New Street Square was completed in 2016 with the construction of 1 New Street Square.
As of July 2023, the 955,000-square-foot building is 100% owned by LandSec*. High-profile tenants at the scheme include Alix Partners, Deloitte, Stewarts Law, and Taylor Wessing.
LandSec’s reported revenue in 2022 was £647 million and in March 2023, LandSec’s portfolio was worth £10.2 billion.
In November 2023, it was announced that LandSec had been given the green light by the City of London Corporation to redevelop 55 and 65 Old Broad Street creating an office-led mixed-use scheme.
The £500m project would involve the demolition of the existing 55 Old Broad Street building, the link bridge over Wormwood Street and the partial demolition of the southern and northern ends of 65 Old Broad Street.
In its place, the developer would aim to build a 23-storey office building, as well as a small 5-storey building creating a total of 290,000 square feet of rentable commercial space.
In April 2024, it was announced that LandSec had been granted permission by the City of London Corporation to transform a Square Mile office block into its next net-zero commercial property development.
Approval was given to transform the existing 1970s 7-storey concrete Hill House building, adjacent to New Street Square, EC4, into a striking terraced, 20-storey mixed-use tower with a rooftop restaurant and vertical urban forest cascading down the building.
Hill House will be net zero in terms of both construction and operation with nearly 60% of the existing structure being retained and materials from the building will be recovered and re-used where possible.
On completion, Hill House will provide 380,000 square feet of best-in-class office space in the City of London and a new ground floor home for the much-loved Shoe Lane Library.
LandSec was also granted permission to redevelop 55 Old Broad Street, EC2, at the end of 2023.
* In 2017, Land Securities rebranded as LandSec.