Demolition works have started at 100 Cheapside, one of the City's most significant development projects. Following the 12-week demolition, construction on the 100,000 ft² (approx. 9,300 m²) grade-A office and retail development will start in January before scheduled completion in 2014.
Joint venture partners CarVal Investors, Orion Capital Managers, the City of London Corporation and Quadrant Estates are developing the new BREEAM 'Excellent' building, which will offer office floor plates of up to 11,000 ft² over 10 floors, targeting core City occupiers looking for Grade A space.
Tristram Gethin, Managing Director and Founding Partner of Quadrant Estates, who is overseeing the development, commented on behalf of the investors:
"This is an important milestone and kicks off the ground works on site. Following demolition of the existing buildings, we will be on course to start construction in the new year."
100 Cheapside is located in the heart of the City of London, between the Bank of England and St Paul's and benefits from excellent transport links. This prime site is one of the last pieces of Cheapside to be redeveloped.
The development will include 9,000 ft² of retail accommodation, which is likely to attract major brands looking for exposure to the City retail market on this prime retail thoroughfare.
The location will also benefit from the City Corporation's Cheapside Retail Initiative, which aims to significantly enhance the local streetscape and will reinforce Cheapside as one of the City's main shopping destinations.
CBRE and BNP Paribas Real Estate act for the joint venture partners on the leasing of 100 Cheapside.
Source: Alywin Communications