In a market where prime office space has become as scarce as hen's teeth, Singaporean property giant Ho Bee Land has struck gold with planning consent for what could become the City's most coveted workspace transformation. The company secured a resolution to grant planning permission from the City of London Corporation to completely reimagine the landmark 1 St Martin's Le Grand building, originally constructed in 1895 for the Post Office.
The ambitious retrofit project will deliver 29,728m² of premium office space across 13 storeys, strategically positioned just 300 metres from St Paul's Cathedral, where prime office vacancy has plummeted to a mere 1.5%. This scarcity is driving unprecedented rental growth and creating a perfect storm for developers with the vision to unlock value in heritage assets. Working with Orms architecture practice and Avison Young as planning advisors, the development promises to deliver something the market desperately craves: large floorplates exceeding 2,787m² that can accommodate modern working patterns.
What makes this project particularly compelling for investors is the timing coincidence with the City of London's major public realm transformation of the St Paul's gyratory, including the creation of 3,000m² Greyfriars Square directly behind the building. This substantial public investment will dramatically enhance the asset's appeal and rental potential, effectively providing Ho Bee Land with a subsidised amenity upgrade that would be impossible to replicate elsewhere.
The building's repositioning as a sustainability flagship, targeting BREEAM 'Outstanding' and net-carbon operation alongside WELL 'Platinum' accreditation, positions it perfectly for the growing ESG-focused tenant demand. The development will feature a dramatic double-height reception connecting to the adjacent Postman's Park, landscaped terraces with panoramic London views, and comprehensive ground and basement amenities designed to compete with the capital's trophy assets.
Federico Bianchi, UK CEO of Ho Bee Land, emphasised the project's significance: "1 St Martin's Le Grand is a rare opportunity to reposition a landmark, historic building as the state-of-the-art, sustainable workspace demanded by businesses in the City of London today. Our plans will reconfigure the internal layout to maximise floorplate size and flexibility to accommodate a range of workspaces, as well as provide the high-quality amenities needed to attract and retain talent."
For Ho Bee Land, this marks their first commercial development in London since establishing their presence in 1996, building on their trophy portfolio, including the Scalpel and Ropemaker Place. With prime City rents currently at €1,105 per m² according to the latest market data, and the development potentially commanding significant rental premiums due to its heritage character and prime location, this transformation represents a compelling value creation opportunity in one of Europe's most supply-constrained office markets.
People mentioned:
- Federico Bianchi, UK CEO, Ho Bee Land
Companies mentioned:
- Ho Bee Land - Singaporean property investor and developer
- Orms - Architecture practice
- Avison Young - Town planning advisors
- City of London Corporation - Planning authority
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