Nearby 60 Ludgate Hill would also undergo a considerable revamp if Land Securities’ intentions are given the green light by relevant planners in the City of London.
The aim is to add close to 400,000 sq ft of grade A central London office space to the stocks currently available and to improve certain leisure and shopping facilities currently accessible in the city’s primary financial district.
A rather larger-scale mixed-use development called One New Change is well underway in the same area of the city by the same real estate investment trust company but Land Securities is keen to be given permission to reinvent what is one of the most historic parts of EC4.
Colette O’Shea, development director of Land Securities’ London Portfolio, commented: “The proposed scheme at 30 Old Bailey and 60 Ludgate Hill will dramatically enhance the environment for the thousands of people who work and visit in this part of the City.
“The plans will bring contemporary office space to the London market where there is a forecast shortage of supply, and will deliver new high-quality retail and leisure facilities to the City.”
The Old Bailey building on the same street hosts the Central Criminal Court of England and is just a short walk from the iconic St Paul’s Cathedral and the River Thames.
One New Change recently came in for considerable praise from the UK’s climate change minister Greg Baker, who described the environmentally-friendly energy system being developed there as “British innovation at its best”.
Editor’s notes: Landsec was granted planning permission and work on the 389,615-square-foot office and retail scheme named 1 & 2 New Ludgate was completed in 2015.
Office leases were agreed upon at 1 New Ludgate with several occupiers including Ropes & Gray International LLP and Commonwealth Bank of Australia and Mizohu Bank agreed to rent the whole 206,310 square feet of offices at 2 New Ludgate.
In December 2020, it was announced that Landsec had sold 1 & 2 New Ludgate to Sun Venture for £552m in a cash deal.
As well as leasehold commercial property, Landsec provides flexible workspace and office space solutions through its flexible workspace brand MYO
The brand provides a range of solutions at 2 Central London properties – 123 Victoria Street and Liverpool Street, including flexible fully-serviced offices on short simple leases.
In May 2023, it was announced that Mizohu Bank would acquire U.S. M&A advisory firm Greenhill & Co Inc for $550 million as part of its Stateside expansion plans.