Land Securities is committing to the £260 million (approx. €303 million) development of 1 & 2 New Ludgate, EC4, a speculative mixed-use development in the City of London.
The 379,000 ft² (approx. 35,210 m²) scheme occupies an island site moments from St Paul’s Cathedral and comprises two distinct buildings united by a new public piazza. Together they offer outstanding work environments with 346,000 ft² (approx. 32,140 m²) of highly efficient office accommodation set around generous open and green spaces.
There will be 33,000 ft² (approx. 3,065 m²) of restaurant and retail facilities at ground and basement levels as well as improved pedestrian links and new public areas for those working, visiting and living in the area.
Demolition work is already complete and Land Securities has appointed Skanska Construction UK Ltd as main contractor for the scheme. Construction will start on site in August with completion scheduled for April 2015.
1 & 2 New Ludgate is located where the capital’s financial, legal and professional worlds meet. It sits on a road, rail and underground crossroads making it easily accessible from all directions with a wide range of amenities on the doorstep.
It is 5 minutes’ walk from Farringdon station, which will be the only station in London where Crossrail, Thameslink and London Underground all converge when current works complete in 2018. Around 140 trains per hour are expected to flow through the Farringdon interchange.
The decision to go ahead with 1 & 2 New Ludgate follows the announcement in May that Land Securities is committing to the next phase of its £2.2 billion (approx. €2.56 billion) redevelopment of Victoria in London’s West End, and demonstrates our confidence in the London office market.
Colette O’Shea, Head of Development, London said:
“Our decision to commence the speculative development of 1 & 2 New Ludgate reflects our confidence both in the City office market, where we believe supply of new space will be constrained in 2015, and in the quality of the attractive and highly efficient office space we are creating.
“1 & 2 New Ludgate, designed by architects Fletcher Priest and Sauerbruch Hutton, will be a striking, flexible and contemporary addition to one of London’s most historic locations with appeal to a wide range of occupiers seeking space in central London.”
Source: Land Securities