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Permission has finally been granted for the redevelopment of the Fruit and Wool Exchange in Spitalfields, which will see a much-needed increase in available commercial property in Shoreditch.
Despite previous opposition to the development, Boris Johnson has now approved the project, which will see the development of a 6-storey building into 36,000 square metres of office space in the Spitalfield Market area, and which will create 2,000 new jobs and 3,000 square metres of retail space.
Boris Johnson overturns planning decision
Those against the project fear that the development will result in a loss of character and historical features in the Spitalfields area, and planning permission has previously been refused by Tower Hamlets Council. However, Boris Johnson overturned this decision, arguing that the development is crucial for the prosperity of Spitalfields Market and, in particular, to facilitate an increase in the supply of quality offices in Shoreditch. Furthermore, he predicts that the development will make beneficial contributions to the wider London economy.
Johnson’s ability to overturn planning decisions could mean that more developments are approved. This may lead to an increased supply of office space in London in general as well as developments that provide space for retail and residential opportunities.
Development will meet demand for office space in Shoreditch
The London commercial property agent, Morgan Pryce, has seen a rapid increase in demand for offices in Shoreditch over the past 24 months. Tom Lax, a surveyor at Morgan Pryce, explains that “demand and therefore rents in Shoreditch have soared over the last two years. This development will provide new commercial office opportunities which are desperately needed in Shoreditch.”
Morgan Pryce is 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.