British Land and GIC plan to redevelop UBS offices
British Land and GIC, Singapore's sovereign wealth fund, won approval to redevelop a building at the Broadgate office complex in the City of London financial district.
The project, known as 100 Liverpool Street, was approved on Tuesday in London after a vote by the borough council. The landlords will extend and refurbish the existing building to create a new 47,840 sq m (515,000 sq ft) office property with restaurants and stores.
Half of the workspace under construction in the City of London and the adjacent technology district that includes Shoreditch has been leased in advance of completion, according to Deloitte Real Estate. The vacancy rate for office buildings in the City is now at the lowest since 2001, boosting rents by 8.3pc in the six months through March, according to broker Knight Frank.
GIC bought 50pc of Broadgate, a 30-acre complex of office buildings, shops and restaurants, for £1.7bn in 2013. The existing building at 100 Liverpool Street is leased to UBS, which will begin moving nto a new office next year. (Bloomberg)