Land Securities secures planning permission for latest City of London development (UK)

Land Securities has secured planning permission for its 375,000-ft² (approx. 34,800-m²) 30 Old Bailey and 60 Ludgate Hill office redevelopment in the City of London.

The mixed-use development comprises a two building scheme and will replace the current 1960s properties with high quality office accommodation, new restaurant and retail facilities, improved pedestrian links and new public areas for those working, visiting and living in the area. The scheme is scheduled to complete in late 2013 at a time when there will be relatively few development completions in the City.

Commenting on the scheme Colette O'Shea, Head of Development, London Portfolio, Land Securities, said: "We were the first to re-start a major development program after the downturn anticipating supply constrained conditions and this is the latest part of our clear plan to deliver over 2 million ft² of new space by April 2014."

The Old Bailey scheme is designed by world renowned German architects Sauerbruch Hutton. It will offer 195,000 ft² of office space across nine levels with floors averaging 22,600 ft² and providing uninterrupted views of the City.

There will be two open terraces on the ninth 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 ft² of retail and restaurants, as well as a new pedestrian thoroughfare. The offices are arranged over first to ninth floors and will range from 13,000 ft² to 22,500 ft². The fifth floor will offer a large private outdoor terrace with exclusive views of St Paul's Cathedral.

Land Securities is expected to start demolition in July and completion of the scheme is scheduled for December 2013. Land Securities will also be delivering its pre-employment training program on site with its trading partner Allendale Sustainable Solutions Limited.

Source: Land Securities

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