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London has a mini crisis on its hands. The palace of Westminster, which includes London’s landmark buildings, is in a state of deterioration. Estimates for repairs have ranged from a staggering £3.5 billion to £7.5 billion – a cost of sixteen times more than it took to build the Shard. This monumental cost has been derided from many angles, however the resounding belief amongst the majority of professionals, in all industries, must be that Westminster must be restored; it is the icon of the Capital.
Whilst the fundamental structure of Parliament is structurally sound, a vast restoration process must be undertaken to tackle tired roofing, stonework, updating of electrical cabling and plumbing and a full refurbishment of all the offices. However, the cost of this restoration project is far from definitive – a similar restoration of Scottish Parliament cost eight times the amount it was initially meant to.
Oliver Salter, surveyor at tenant acquisition specialist Morgan Pryce, believes cost is only one of the issues surrounding the proposed restoration of the Palace of Westminster,
“There are obvious issues surrounding the restoration of London’s most iconic building(s)… firstly the proposed costs of £3.5 billion to £7 billion depending on what route is taken, is a vast amount of money. However, the relocation programme of over 10,000 ‘passholders’ and finding 1 million sq. ft. of new office space to house them in is another big issue. A partial move out makes the most sense, with costs estimated at around £4 billion and taking 11 years to complete, from 2020. Whatever happens, this will be a massive project, but one that is most definitely needed.”
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.