┬ú500m London Office Development for British Land
British Land are set to spend over ┬ú500 million on central London office developments in reaction to a shortage of high-quality space in the capital.
The development will include the construction of new office space at its Regent’s Place estate in the West End, and a further 700,000 sq ft of new offices at the Broadgate complex in the City of London. The latter will be built for British Land’s tenants UBS AG.
According to a press statement, Chief Executive Officer Chris Grigg said:
“People including us see a shortage of new product in the London market in 2013, so this is timed specifically to address that gap.”
He also commented that overall performance of commercial property will be “relatively muted” through to next year, and that the price of the best-quality UK properties is likely to increase.
A third London office project by British Land is a 139,000 sq ft development destined for Baker Street. The company have also released plans to revive the City of London’s Cheese Grater office tower.