Hammerson announced yesterday that it is to begin work on its £200m redevelopment of the Stock Exchange tower next year.
The company said it will submit a revised planning application for the City tower, with a view to commencing work in the second half of next year. Hammerson said it would develop speculatively and not seek a pre-let.
In April, Hammerson agreed to buy the tower, alongside the former Stock Exchange market building and the Old Post Office building at 24 Throgmorton Street, for a total of £68m.
The building has been vacant since the London Stock Exchange moved to the 220,000 sq ft King Edward Court building in Paternoster Square earlier this year.
The Stock Exchange Tower site already has planning consent for a redevelopment designed by Nicholas Grimshaw. Under the proposals, the existing tower would be reclad and refurbished and two new buildings would be constructed around it.
The Grimshaw scheme would provide a total of 490,000 sq ft of office space: 310,000 sq ft in the tower itself, plus six retail units at ground floor level. The new West Building, which would replace the former Stock Exchange market, could provide a further 16,700 sq ft of space. However, Hammerson may decide to drop the scheme altogether and may submit an application for an entirely new scheme.
Source: Freeman News