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Land Securities intends the mixed-use project to comprise two buildings at 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 restart 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 square feet of new space by April 2014.”
Both buildings will be completed by 2013, a year when many 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 views of the City. The ninth floor will have two open terraces looking onto St Paul’s and 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 per cent increase in net asset values, seen by many as a positive sign for the British commercial property market.
Editor’s notes: Details of the scheme that came to be named 1 & 2 New Ludgate can be found in the Editor’s notes of this article.
In 2022, British Land had £14.3 billion in assets under management, a 12.5 per cent increase from the previous year, when assets under management were valued at £12.7 billion.
In the same year, Landsec managed a portfolio of assets worth £12.0 billion, an 11.1 per cent increase from 2021’s £10.8 billion.
Land Securities had officially rebranded as Landsec in June 2017.
British Land has £15.8 billion in total assets under management, with the British Land portfolio valued at £10.1 billion as of March 31, 2026.
Landsec’s total portfolio value was £10.8 billion as of March 31, 2026.