Land Securities gets New Street Square EC4 go ahead (UK)

Land Securities’ planning application for its New Fetter Lane site in EC4 (London) achieved a minded to grant consent from the City Corporation at a meeting on 27 April, 2004. The site, which is bounded by New Fetter Lane, West and East Harding Street and Bartlett Court already, previously had a planning consent for a single building of 66,900 sq m (720,000 sq ft), of which 58,400 sq m (628,500 sq ft) is office accommodation.

Following a review and the appointment of Bennetts Associates in January 2003, a revised scheme was submitted for planning. This scheme provides increased access and street life to the location and extensive landscaping and is centred around a new London square, to be called New Street Square. The proposals include a range of uses at ground level and office buildings of various sizes that will open up the area and create a more vibrant atmosphere.

The proposed development consists of four main buildings equal to 64,200 sq m (691,000 sq ft), comprising 61,850 sq m (665,750 sq ft) of office accommodation and 2,285 sq m (24,600 sq ft) of retail space. Individual office sizes range from 3,600 sq m (39,000 sq ft) to 21,900 sq m (235,000 sq ft).

Mike Hussey of Land Securities said “We are delighted that the City Corporation supports our vision for New Street Square. Our plans will re-establish an important new destination for corporate professional occupiers. We will now continue to seek a pre-let for one or two of the buildings and due to the flexibility of the scheme and giving us the option to complete the balance of the scheme speculatively”.

The consent is subject to a Section 106 agreement and approval from the Mayor of London. The Goldsmiths Company with which Land Securities has a close working relationship owns the freehold and supported the Company’s proposals.

Source: Land Securities

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