GPE revs up for £600m trio of office projects

Aaron Morby 1 week ago
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Developer Great Portland Estates is pushing forward three major schemes, expected to cost around £600m to deliver.

New City Court tower will boast a 250-seat auditorium and terrace on the 21st and 22nd floors
New City Court tower will boast a 250-seat auditorium and terrace on the 21st and 22nd floors

The trio of London projects will develop 820,000 sq ft of mainly office space.

In an upbeat trading statement today GPE chief executive Toby Courtauld said: “The clear outcome of the General Election is encouraging increased transaction activity in our investment markets and, while further political and macro-economic turbulence is possible, GPE is in great shape.

“We are innovating across our portfolio, including the continued rollout of our flexible space offering; our exceptional development pipeline provides us with nearly 1.4 million sq ft of value creating opportunities.”

The first major project to come forward is a major refit of Bloomberg’s former building at 50 Finsbury Square.

Former Bloomberg HQ to be revamped

GPE will take vacant possession of the building this summer allowing it to proceed with a 126,000 sq ft major refurbishment.

This will see the office floor plates extended within the existing frame of the building, a large reception with a concierge as well as an amenity offer and the addition of a roof pavilion and terrace. 

Close by near Moorgate Crossrail station, the London developer is working up plans for City Place House where it aims to significantly increase the size of the building to 320,000 sq ft, up from 176,600 sq ft.

It described initial discussions with the City of London as encouraging and the project has a proposed start date of 2022.

The biggest of the near-term pipeline of schemes is a plan to build a 31-storey office building in the shadow of the Shard at London Bridge.

Plans are in the 370,000 sq ft New City Court project in the London Bridge Quarter with approval expected later this year.

Beyond these three near-term schemes, GPE has a further seven schemes in the medium-term pipeline, with a potential development programme totalling 1.3m sq ft for the coming decade.

 

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