The Financial Conduct Authority (FCA) has confirmed that it will relocate its headquarters from London office space in Canary Wharf to a new business district at the site of the Olympic Park.
A significant coup for the Stratford International Quarter and the largest single tenant to be enticed to the area, the FCA will make the move when the lease on its current building expires in 2018.
It will take on around 430,000 sq ft at the £2 billion development – around 10 per cent of the total amount of office space under construction. The FCA stated that the future presence of Crossrail has played a part in its decision to make the move to the area.
Prime Minister David Cameron has previously stated he envisages the area as a new “tech city.” Now with the arrival of the FCA, some have predicted that the district could emerge as London’s third financial business centre – following the City of London and Canary Wharf.
Lesley Titcomb, chief operating officer at the FCA, commented on the move, saying it represented “good value for money for our fee payers.”
Once construction work on the International Quarter has been completed, the scheme will provide a total of 4 million sq ft of office space, a hotel, shops, restaurants and 250 homes.
By: Kirsty MacGregor
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