Yahoo Finance Developer says “era of the office is not over”, as City of London gives green light for 30-storey scheme
The boss of a property firm that has just got approval for a new 30-storey development in the Square Mile, has said the “era of the office is not over”.
The City of London Corporation has granted planning permission for the office-led development at 55 Gracechurch Street.
The project, located between Monument station and Leadenhall Market, comprises over 365,000 square feet of offices, as well as some retail space.
There will be 500 cycle parking spaces. In addition there is a free-to-access garden terrace, which the City of London Corporation said offers a “suspended treetop walkway and panoramic views” across the capital.
Approval comes at a time when government guidance remains to work from home where you can, and as some firms look at whether to embrace more flexible working post-Covid.
A number of bosses have held off on office leasing decisions during the pandemic. However, landlords think demand for high quality space in the City and West will hold up.
Hong Kong-based, privately-owned real estate and investment company The Tenacity Group is behind the Gracechurch Street project.
The firm’s chief executive Patrick Wong, said: “Despite the events of the last twelve months and the changes and challenges that we have all witnessed, Tenacity is quite clear that the era of the office is not over. Far from it.”
He said: “We believe the future is bright for the right kind of space – space that 55 Gracechurch Street will provide – that embraces sustainability and provides flexibility, puts the needs of the workforce at its core but also engages with the wider community around it.”
Alastair Moss, chair of the planning and transportation committee at the City of London Corporation, said: “We remain positive about the long-term future of the City office despite the current lockdown.”
Moss said of the approved building: “Of particular merit to this development is an innovative ventilation strategy which uses fresh air, filtered from outside, to cool the office floors.”
Parts of central London have looked like a ghost town since March last year, when office staff started to work from home in line with government guidance. Footfall has also been weak due to shops and restaurants having to close at various points for lockdowns.
Read More
Meet some of the firms that have signed for new London HQs
Central London office lettings hit in WFH year, but demand improving
FTSE 100 set for flat start as Europe refuses to join US rally
Segro to develop London’s greenest industrial estate in Tottenham
IWG warns of higher Covid costs, but upbeat on future hybrid working
Business focus: FTSE 100 companies outline back to the office plans
