Land Securities Office Scheme to ΓÇ£dramatically enhanceΓÇ¥ EC4
Land Securities will seek to address the diminishing stock of Grade A Office Space in the City of London, with planning permission having been submitted to redevelopment two 1960ΓÇÖs buildings into a fresh supply of modern office space.
The two buildings that permission is being sought to redevelop, 30 Old Bailey and 60 Ludgate Hill, are both located in EC4 and within a short distance of St PaulΓÇÖs.
While addressing the diminishing supply of Grade A office space has been highlighted as the schemeΓÇÖs primary goal, the mixed-use development would ultimately deliver a total of 389,000 sq. ft. of contemporary office and retail accommodation.
ΓÇ£The proposed scheme at 30 Old Bailey and 60 Ludgate Hill will dramatically enhance the environment for the thousands of people who work and visit in this part of the City.ΓÇ¥ explained Colette OΓÇÖShea, Development Director of Land Securities London Portfolio.
ΓÇ£The plans will bring contemporary office space to the London market where there is a forecast shortage of supply, and will deliver new high quality retail and leisure facilities to the City.ΓÇ¥
ΓÇ£The scheme will also enhance the immediate vicinity and build on the success of One New Change in regenerating the area.ΓÇ¥
Should the scheme progress, the redevelopment would also seek to improve pedestrian access and deliver a new public space. Initial plans also include private roof terraces and the creation of ΓÇ£GreenΓÇ¥ roofs.
The Serviced Office Perspective
A growing demand for office space across the EC postcode has also been seen in the Serviced Office Sector, with data from officebroker.com revealing a 59% increase in the number of enquiries received for serviced office space in the EC postcode in 2010 compared to 2009.
This increase in demand also resulted in a greater number of businesses taking space in serviced offices during 2010, with a 44% increase in the number of newly signed serviced office tenants being recorded by officebroker.com in 2010 across the EC postcode.
Those businesses entering serviced offices in the EC postcode (2010) also had the highest average workstation (desk) requirement of anywhere in Central London, recording an average of 7.0 workstations each during 2010 compared to an average of 5.0 workstations in the remaining Central London postcodes. (WC, W1, SW1, SE1)
To learn more about the serviced office market in Central London, alongside other areas of the UK, explore the Serviced Office Review Series which is available from the Stats & Facts sections of the officebroker.com website.