Landsec’s revised plans for London office project secure approval

WCN Editorial Team 23 Feb 2018 EUROPE BUSINESS

UK-based property developer Land Securities Group (Landsec) has secured a resolution to grant a revised planning consent for its proposed 564,000ft2 office development at 21 Moorfields site in London EC2.

The new development will be located above Crossrail’s Liverpool Street Moorgate ticket office in the city.

In July 2017, Landsec and Deutsche Bank have signed a pre-let agreement for the bank's new London headquarters at 21 Moorfields on a 25-year lease.

The bank has agreed to take a minimum of 469,000ft2 space, conditional on achieving revised planning permission.

In 2012, Landsec bought a long leasehold interest in the 21 Moorfields site and secured planning consent for two buildings totalling 522,000ft2 on the site in 2016.

The plans have been modified as per Deutsche Bank after it approached Landsec to take the site.

Since the initial plans were approved, work on the site has already commenced. Construction of the substructure is scheduled to be completed in March 2019.

Landsec now expects that construction will continue straight through to practical completion is anticipated in November 2021.

Landsec managing director of London Portfolio Colette O'Shea said: "We welcome the resolution to grant planning permission and look forward to continuing to work in partnership with Deutsche Bank and the City of London Corporation to deliver this strategically important site."

City of London Corporation planning and transportation committee chairman Chris Hayward said: "We are delighted to have unanimously approved the scheme for the new Deutsche Bank headquarters at 21 Moorfields.

"With the Elizabeth line supporting the creation of an estimated 63,000 jobs in the City of London and Isle of Dogs, this office, located above a future station, fits in well with the City's ambitions for growth.

"Deutsche Bank's move demonstrates a high level of confidence in the City of London as a leader in financial and professional services. The City Corporation remains committed to supporting businesses with an additional 1.37 million square meters of office space under construction that has the potential to accommodate 85,000 workers."

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