Property development and investment firm British Land has committed to delivering the second phase of Aldgate Place development in London, the UK.
Located on the City fringe, the Aldgate Place development is a 136,000ft2 residential led, mixed use scheme.
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The phase 2 will include 159 premium build-to-rent apartments, 8,000ft2 of retail and leisure space and 19,000ft2 of office space.
Work on the project also includes upgrading of public realm with increased biodiversity and focus on health and wellbeing.
The development is situated near Aldgate East and halfway between Crossrail stations at Liverpool Street and Whitechapel.
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The first phase of the project, completed in 2017, delivered 304 apartments and a 160-bedroom hotel.
Construction work at the Aldgate Place development is scheduled to commence in the third quarter of this year.
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By GlobalDataBritish Land CEO Simon Carter said: “We are excited to commit to Phase 2 at Aldgate Place, our first Build to Rent development which will be an exceptional building in a thriving part of the City.
“This is another example of us executing against our strategy, exploiting our competitive strengths in development to deliver high quality space with a range of uses in excellent locations.”
Additionally, the company will construct between 2,000 and 4,000 homes as part of the flexible planning consent secured at Canada Water.
In November last year, British Land started work to transform Exchange Square at Broadgate neighbourhood into a new public park in London.
Designed by architects DSDHA, the reimagined Exchange Park will quadruple the amount of green space at Broadgate, a 32-acre central London neighbourhood jointly owned by British Land and GIC.
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Illustration of Aldgate Place development on the City fringe in the UK. Credit: British Land.
