Plans for 2 million SqFt in Central London
Land Securities PLC
6 March 2000
LAND SECURITIES HAS PLANS FOR TWO MILLION SQ FT
IN CENTRAL LONDON
Land Securities has applied for planning permission for three Central London
schemes approaching 190,000 sq m (two million sq ft). The first development
is situated in a prime City location at 30 Gresham Street EC2, the second is
located in midtown at New Fetter, Lane EC4 and the third is at the heart of
Victoria's office district on the Stag Estate SW1.
New Fetter Lane, EC4
Subject to approval from the Corporation of London, the proposed scheme will
create a 92,900 sq m (one million sq ft) gross landmark development providing
a new commercial focus for the area. Situated close to both Chancery Lane
underground station and City Thameslink station, the site currently comprises
mainly dated office blocks built in the 1950's, 60's and 70's. The buildings
lack the necessary vitality and flexibility required to create a vibrant and
thriving commercial environment. The site is owned by the Goldsmiths'
Company and includes Land Securities' long leasehold interests at 11 New
Fetter Lane, 21 New Fetter Lane, Lintas House, 25 New Street Square, Cedric
House and Chatham Place.
The new development, planned to revitalise the area, features a dramatic 20-
storey office building together with a separate seven-storey block which could
be linked. The scheme will provide some 58,060 sq m (625,000 sq ft) net of
office space with a variety of floorplates ranging from 5,810 sq m (62,500 sq
ft), capable of housing a dealer floor for up to 700 people, to 1,300 sq m
(14,000 sq ft) on level 19. In addition there will be 14,500 sq m (156,000 sq
ft) of space for retail, restaurant and leisure purposes. A focal point of
the development will be a new public square to be created in front of the
entrance to the main building.
30 Gresham Street, EC2
Located in the City opposite the Guildhall and Wren's Church, St Lawrence
Jewry, this development comprises some 34,370 sq m (370,000 sq ft) net of
office accommodation arranged on lower ground, ground and seven upper levels
with additional storage space at lower ground and basement levels. The plans
also include retail / restaurant units situated on the pedestrian routes
linking Gresham Street and Cheapside.
A key feature of the building will be two floors both of which will provide
dealer areas of up to 2,500 sq m (26,900 sq ft) net together with 2,000 sq m
(21,500 sq ft) of associated offices. The upper floors, arranged around a
central atrium, are designed to provide a flexible working environment which
is capable of being divided into a number of independent self-contained
working areas.
These plans are subject to the approval of the Corporation of London.
Victoria Street, SW1
Subject to Westminster City Council approval, Land Securities
proposes to carry out the second phase of their major regeneration
of the Stag Estate. The site, which lies on the doorstep of the
major transport hub at Victoria Station, is bounded by Victoria
Street, Palace Street and Bressenden Place.
This exciting and innovative scheme, which includes the
redevelopment of Esso and Glen Houses and 16 Palace Street, will
comprise some 46,920 sq m (505,000 sq ft) of offices in two
buildings and 12,450 sq m (134,000 sq ft) of retail and restaurant
accommodation. The first building, fronting onto Victoria Street,
will consist of 37,160 sq m (400,000 sq ft) net of offices and
will feature a large concourse at first floor level which will be
used to provide additional retail kiosks, for facilities such as a
florist, dry cleaner or newsagent, for the dedicated use of
tenants. The second building facing Palace Street will contain
9,750 sq m (105,000 sq ft) net of office space.
The proposed development opens up the now relatively inaccessible
heart of the site for public use through the creation of new
direct links from Victoria Street, one of which focuses on
Westminster Cathedral immediately to the south. The new routes
and linked public spaces are designed to bring life and vitality
into an area at present remote from the main public thoroughfare
and the opportunity has been taken to introduce additional shops
and restaurants to the area.
Commenting on the planning applications, Ian Henderson, Land
Securities' Chief Executive said 'We are constantly seeking ways
of bringing vibrancy and vitality to our Cities while at the same
time enhancing the value of our existing holdings. These three
schemes are in prime London locations but the current buildings
offer little of merit in terms of modern occupiers' requirements.
Furthermore, the sites all provide enormous scope for innovative
and sustainable development where we will be able to enhance
substantially the environment for those who live and work in the
area.
Our proposals are designed to provide the type of flexible space
required by today's commercial occupiers in a world of
technological innovation and changing work patterns'.
For further information please contact:
Land Securities
Ian Henderson
Jim Murray
0171 413 9000
Financial Dynamics
Emma Denne
Paul Davies
0171 831 3113
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