Construction has commenced on new London offices located at 5 Broadgate which will, when completed, become the headquarters of Swiss bank, UBS.
Owners of the site, Blackstone and British Land, were joined at a ceremony to mark the start of the construction phase – expected to last three years – by Chancellor of the Exchequer, George Osbourne.
The development is expected to create an estimated 5,000 jobs. The building will provide 700,000 sq ft of space, spread across 12 floors, and is set to cost Â£850 million.
UBS already have an 18-year lease agreement on the building – once completed – Â at a rate of Â£54.50 per sq ft.
Speaking during the ceremony, which took place last week, George Osbourne said that the development would provide a boost for what is a struggling market.
He said: “There have been those who tried to block the redevelopment of the Broadgate site, but this government has helped see the project through, so we can send an important message to the world – that Britain is open for business and is unashamedly pro enterprise.
“This new site, in the heart of the city, signals the confidence placed in London as the world’s leading financial centre,” Mr Osbourne added.
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