British Land has committed to the repositioning of Broadgate Tower, a 34-storey office building within its Broadgate campus in the City of London. The redevelopment aligns with the continued demand for prime, well-located office space in the capital and will ensure the tower meets the highest sustainability standards while delivering modern, high-quality workspaces.
The project includes a three-storey extension featuring a c.576m² terrace at the front of the building, along with upgraded arrival areas, an amenity floor, and new end-of-trip facilities such as cycle storage and showers. The tower’s floors will be refurbished to align with modern occupier expectations. Additionally, Broadgate Plaza will be transformed into a green oasis, enhancing biodiversity and supporting the well-being of city workers.
The redevelopment is expected to be completed by late 2026. With active leasing requirements at their highest level since 2011 and a 465,000m² shortfall of new or substantially refurbished office space in the City over the next four years, Broadgate Tower is anticipated to attract occupiers seeking best-in-class office environments in a thriving campus setting.
The project is expected to deliver a gross yield on cost above 8% and a high-teen ungeared IRR. BAM has been appointed to deliver the redevelopment, which will include the construction of the new pavilion, enhanced public realm, a new reception, and the installation of an air source heat pump. The total cost of the project is €117m (British Land share €58.5m).
David Lockyer, Head of Development at British Land, commented: "British Land has an excellent track record of developing high-quality, sustainable towers which meet the standards of modern-day occupiers. Following our commitment to deliver 2 Finsbury Avenue last year and recent leasing success across the Broadgate campus, this is another significant milestone for both the campus and the wider City as we deliver another office tower into a market where there is short supply of high-quality, modern space but very high demand."
British Land has had a productive year in terms of office leasing. They’ve secured approximately 18,600m² of office space at Broadgate so far this year, building on a strong 2024 where they completed leasing deals for around 69,700 m². Key tenants in 2024 included Akin Gump, Marex, Citadel, and Citadel Securities, highlighting a variety of high-profile companies taking space in their buildings.
Their partnership with Broadgate REIT and Modon Holding to deliver a 69,700m² development at 2 Finsbury Avenue also signals continued growth and commitment to expanding their office portfolio.
Additionally, with 1 Broadgate almost complete and 96% of the office space already pre-let to JLL and A&O Shearman, British Land seems to be experiencing strong demand for its office spaces, especially from leading businesses.
The Broadgate Tower project targets BREEAM Outstanding, an EPC A rating, and WELL certification. Circular economy principles will be applied to limit embodied carbon to 230kg CO2/m², with the extension structure incorporating reused steelwork and Cross Laminated Timber.
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