Barratt Developments and British Land are working together to acquire land that has received planning permission for around 850,000 sq ft of London office space.
The two acre site, located at 1 & 2 Aldgate Place, is currently owned by real estate firm, Tishman Speyer, although conditional contracts for the site have been exchanged between the two parties.
Originally designed by Wilkinson Eyre, the planning permission grants the construction of two office towers connected by a 70,000 sq ft bridge on floors four to 16.
The interest in the land won’t be taken any further unless Barratt and British Land can secure planning permission to use the site for a mixed development scheme – one that includes residential properties.
Regional managing director at Barratt London, Alastair Baird, commented on the initial agreement.
He said: “We are delighted to have secured this prime edge of City site, which builds on our commitment to deliver high-quality developments throughout central London.”
Nigel Webb, head of development at British Land, also said: “We believe our combined skills in delivering large-scale mixed-use schemes will enable us to unlock significant value from the site.”
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