INDUSTRY NEWS

Land Securities to invest £260m on two City of London office projects

Land Securities has confirmed it is looking to spend more than £260m on two speculative mixed-use buildings in London.

The UK’s largest real estate investment trust (REIT) is hoping to start work on two developments featuring London offices, shops and restaurants located near to St. Paul’s Cathedral.

The 379,000 sq ft scheme will feature 346,000 sq ft of London office space as well as 33,000 sq ft of restaurant and retail facilities on the ground and basement levels. Demolition work on the site has already been completed.

Construction work on the development is set to start in August and is due to be completed in April 2015.

Land Securities head of London development, Colette O’Shea, said: “Our decision to commence the speculative development of 1 and 2 New Ludgate reflects our confidence both in the City office market, where we believe supply of new space will be constrained in 2015, and in the quality of the attractive and highly efficient office space we are creating.

“1 & 2 New Ludgate, designed by architects Fletcher Priest and Sauerbruch Hutton, will be a striking, flexible and contemporary addition to one of London’s most historic locations with appeal to a wide range of occupiers seeking space in central London.”

This news comes only weeks after Land Securities announced it was committed to the next phase of a major £2.2bn redevelopment of Victoria in London’s West End, a development now called Nova Victoria.

News bought to you from DeVono Cresa, the award-winning commercial property advisers, specialising in Central London office, retail and leisure space.

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