The mixed-use development comprises  two buildings and will replace the current 1960s properties with high quality office accommodation, restaurant and shops.

Land Securities is expected to start demolition in July and completion of the scheme is scheduled for December 2013.

Colette O’Shea, Head of Development, London Portfolio, Land Securities, said: “We were the first to re-start a major development programme after the downturn anticipating supply constrained conditions and this is the latest part of our clear plan to deliver over two million sq ft of new space by April 2014.”

The Old Bailey scheme is designed by world renowned German architects Sauerbruch Hutton.

It will offer 195,000 sq ft of office space across nine levels with floors averaging 22,600 sq ft and providing uninterrupted views of the City.

There will be two open terraces on the 9th floor with views over the Old Bailey and to St Paul’s Cathedral. The offices will have a prominent entrance on Old Bailey with restaurant accommodation fronting the piazzetta at ground floor level.

60 Ludgate Hill, located on one of the City of London’s principal routes has been designed by London-based architects Fletcher Priest.  It will offer 152,000 sq ft of prime office space and 25,000 sq ft of retail and restaurants, as well as a new pedestrian thoroughfare.

The offices are arranged over 1st to 9th floors and will range from 13,000 sq ft to 22,500 sq ft.  The fifth floor will offer a large private outdoor terrace with exclusive views of St Paul’s Cathedral.