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The area popular with the TMT sector, Shoreditch, is set to see a new development by British Land, following a successful bid by the company for the project. The company has contracted with the City of London Corporation in the form of an option agreement and, subject to an amended planning consent, the two-acre Shoreditch Estate will be developed into a mixed-use project.
The Shoreditch Estate currently occupies three sites which it is intended will form part of the new development and which will have Shoreditch High Street on one side and Norton Folgate on another.
The area will have potential for approximately 320,000 square feet of space, a combination of office, retail and residential. British Land intends to both refurbish some buildings, specifically retaining original features to attract the companies for whom this kind of office space is popular – yet hard to find at present. British Land will also construct new buildings for other areas of the site, and it will acquire a long leasehold of the land.
One attraction of the development is likely to be the varied space available, with smaller offices, mainly the converted ones, specifically aimed at smaller technology and media businesses. These offices will have the benefit of a high-quality office space in a building with character, and no doubt will prove popular.
The development by the property giant demonstrates the significance and popularity of this area of London, particularly in relation to the TMT sector. It will also help create space in the area and will offer an ideal solution for some companies finding it hard to obtain the right space in the area – when (and assuming) the project completes.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.