GPE commits to four London scheme starts next year

Aaron Morby 3 years ago

Developer Great Portland Estates is bringing forward four schemes to start next year in a fresh commitment to the London property market.

Work is iunderway on the refit of Bloomberg’s former building at 50 Finsbury Square
Work is iunderway on the refit of Bloomberg’s former building at 50 Finsbury Square

Including a major refit of Bloomberg’s former building at 50 Finsbury Square, GPE said this morning it was planning to spend £900m on a near-term pipeline of schemes offering net-zero carbon spaces designed to satisfy the changing needs of tomorrow’s occupier.

Four schemes, three of which have been submitted for planning, could now start from early 2022. A further four are also in the pipeline bringing total planned space to 1.3m sq ft.

Toby Courtauld, chief executive, said: “While uncertainty remains, we are encouraged by the recent acceleration in enquiries we are receiving from prospective occupiers, particularly for our prime Grade A and flex office products.

“With limited supply across central London over the next few years, we can expect innovative, flexible and well-serviced space with strong wellbeing and sustainability credentials to command an increasing premium to poorer space. 

“As a result, we expect to grow our flex office offer and to bring forward our near-term development programme, committing circa £900m of capital expenditure to deliver exemplar, net zero carbon spaces designed to satisfy the changing needs of tomorrow’s occupier.

“Although it may take a little time for the full buzz of London to return, we believe it will, driven by this great capital’s magnetic appeal as the cultural and commercial heart of the UK, and its unique position as a global city.”

Four near-term schemes

  • Plans submitted in February for 2 Aldermanbury Square EC2 (previously City Place House). This office led 320,500 sq ft redevelopment  (picture above) will substantially increase the size of the building from 176,000 sq ft and aims to deliver a net zero carbon building. GPE said it was greatly encouraged by the strong occupier interest in the scheme and are currently in negotiations on a significant proportion of the space.

  • At New City Court, in the shadow of the Shard, proposals were amended, lowering the height while maintaining area, to materially increase the size of the existing 98,000 sq ft building to 386,400 sq ft. GPE expects a determination later this year.

  • At Minerva House, SE1, in Southwark, GPE is finalising plans for a major refurbishment (picture above) taking full advantage of its river views. It aims to submit a planning application in the coming quarter.
  • At French Railways House and 50 Jermyn Street, SW1, GPE intends to build a contemporary building in keeping with the surrounding conservation area and heritage assets. Planning was submitted in February 2021.

Latest news

Lendlease puts construction arm up for sale

Radical global restructure to raise £2.3bn and focus on Australia
8 hours ago

Former Crossrail boss Mark Wild to lead HS2

Wild to bear down on spiralling costs and bring rejigged scheme in on time
1 day ago

Receivers in at £125m Manchester tower developer

Domis Construction walked away from scheme following doubts over funding
2 days ago

Costain A1 £260m dualling job finally gets go-ahead

Ministers sat on planning inspectors report for nearly three years
13 hours ago

Election delays decision on Lower Thames Crossing

Planning decision on £1.2bn Luton airport expansion also pushed back six months
13 hours ago

Caddick steps-in at former Lane End housing job

Contractor to restart phase of £262m scheme hit by administration
13 hours ago

Plans in for Leeds iconic Tetley building revamp

Former brewing giant's HQ to become indoor market and offices
13 hours ago

BAM wins first phase of North Devon hospital revamp

New staff accommodation to kick-off hospital redevelopment
13 hours ago

McAlpine pulls out of £55m Carlisle Citadels project

University of Cumbria starts hunt for replacement contractor
5 days ago

Strabag UK suffers further big trading loss

Austrian contractor is gearing up for major presence in the UK market
5 days ago

Durham Uni picks UPP for £130m student scheme

Firm will deliver 1,000 self-catered bed spaces
5 days ago

Architects now upbeat after 10-months of work gloom

Larger practices see rising workloads in next three months
5 days ago

Motorist dies after collision with road paver

Police Scotland investigating fatal crash
5 days ago

McLaren Living appoints HG Construction for £69m scheme

Build to Rent scheme will transform former vacant car park site in Leeds city centre
5 days ago

Squibb liquidator probes £2m of “missing” plant

Machinery, cars and scrap metal have disappeared at demolition specialist
6 days ago

Galliford Try to re-enter affordable homes market

Contractor sets out new five-year plan to build margin to 4%
6 days ago

Former Sellar chief to lead civils contractor Kilnbridge

Owen Dannatt joins as new CEO as founder Dermot McDermott becomes Chairman
6 days ago

Hunt starts for nuclear fusion plant construction partner

Fusion energy plant to be built at West Burton coal power station site.
6 days ago

National Grid raises £7bn for big infrastructure upgrade

Rights issue to fund a major round of capital investment in energy infrastructure
6 days ago

Grenfell police probe to last at least until end of 2025

19 companies and 58 individuals could eventually face charges
6 days ago

Mace confirmed on £100m London office retrofit

Work underway on Helical's 100 New Bridge Street job near Ludgate Circus
6 days ago

Wylfa chosen for next big nuclear power station build

Government names Anglesey site for a large-scale gigawatt nuclear power plant.
7 days ago

Bowmer & Kirkland trading profit halves

Contractor buys HVAC specialist Adcock despite challenging market
7 days ago

Piling specialist Van Elle plans further job cuts

Piling specialist plans further cost savings in face of lower demand
7 days ago

Civils contractor A Catlow files administration notice

High voltage cable specialist lodges court notice
7 days ago

Green light for ARC Oxford lab campus

Work to start later this year on £40m Ascent building job
7 days ago

Stonehenge tunnel hit by another legal delay

Court upholds latest appeal against £1.7bn scheme by campaigners
1 week ago

Plans go in for huge Olympic Park construction hub

Bow Goods Yard could deliver 3.5m tonnes of materials a year to sites across London
1 week ago

40% affordable homes target for Labour’s new towns

Labour pledges to select new town sites by end of first year
1 week ago

Plan for £100m Liverpool Baltic station

Construction work could begin next year
1 week ago

Contractor services