Conditional contracts have been exchanged for a site that has planning approval for 850,000 sq ft of City offices
British Land and Barratt Developments are working together to secure the Tishman Speyer-owned 2 acres of land at 1 & 2 Aldgate Place, E1.
The development was designed by Wilkinson Eyre and the plans not only include new central London offices
, but also the potential for a 70,000 sq ft bridge to be constructed connecting floors four to 16 at both buildings.
A full purchase will not be made unless the two commercial property investors can secure planning permission for 1 & 2 Aldgate Place to be turned into a mixed-use development, with a focus on residential units.
The site lies on the edge of the City, next to Aldgate East tube station. As a result of its location, head of development at British Land Nigel Webb described the land as "highly attractive".
"We believe our combined skills in delivering large scale mixed-use schemes will enable us to unlock significant value from the site," he added.
Barratt London's regional managing director Alastair Baird asserted: "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."
British Land has been focusing on the City recently, after construction commenced at the beginning of the month for the new UBS headquarters at 5 Broadgate. Chancellor of the Exchequer George Osbourne visited the development to celebrate the start of building, commenting it was positive the financial giant has shown confidence in the Square Mile.
Once completed, 5 Broadgate will provide 700,000 sq ft of Grade A space and four trading floors, which will house 750 traders so UBS can consolidate its operations into one premises.
Posted by John Evans
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