British Land and the City of London have come to an agreement on a major mixed-use London development.
The firm is set to develop three sites at the Shoreditch Estate, covering two acres fronting onto Shoreditch High Street and Norton Folgate.
British Land acquired the land from the City back in May following a bidding competition, fighting off stiff competition from a number of buyers in the process. It is located near to Tech City, as well as Derwent London’s Tea Building.
It consists of 34 London office buildings. Having now reached agreement with City however, the firm is now eager to build more than 320,000 sq ft of prime London office space, retail and residential accommodation. This will be done through a mix of entirely new constructions as well as using some of the existing buildings and refurbishing them.
British Land head of development, Nigel Webb, said: “We are excited by the site’s potential to provide a vibrant mix of offices integrated with retail and leisure uses along with high quality residential.
“We expect the smaller offices to appeal to increasing demand from technology and media companies in this area of London. A number of the existing buildings will be retained and brought back into active use to provide an attractive and characterful environment.”
The City of London’s property investment board chairman, Michael Cassidy, added “It will enable the Shoreditch Estate site to be regenerated over the coming years and play a key role as this exciting area of London continues to change.”
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