Office space developments get a well needed boost in London
The city of London will see a great benefit from two major developments that will create a plethora of
office space within the next year.
Walbrook Office scheme and 1 Mitre Square are the two buildings in question and their development will be undertaken by Legal & General and the property company known as Helical Bar.
Walbrook office will have around 900,000 square feet of office space created on the site of Bucklersbury House, which will be demolished as part of the development. A new entrance will also be created to Bank underground station, which is credit to the prime location of the new complex.
1 Mitre Square will be 20 storeys high and will boast approximately 270,000 square feet of office and retail space. The construction is expected to start in the first quarter of the new year. A verdant square is expected to be part of the development.
Gerald Kay, Director of Helical Bar, added his comments, “This is an exciting scheme with an excellent floor plate. The environment around the building will be much improved with a major upgrade of the public realm.
With limited supply of new, good quality City office space forecast to come to the market over the medium term, combined with the high specification of design on offer, we feel confident that this building will see strong interest from potential occupiers.”
London rates are currently at a record high and increasing demand is leading to ever decreasing vacant office space. The new developments will be welcomed.