British Land enters agreement to redevelop Shoreditch Estate
British Land has announced that it is to press ahead with plans to redevelop Londons Shoreditch Estate in a mixed retail, office and residential scheme.
The shopping centre operator has signed an agreement with The City of London Corporation for the redevelopment of the estate which comprises three sites covering two acres fronting onto Shoreditch High Street and Norton Folgate.
British Land says the sites have potential for around 320,000 sq ft of retail, office and residential accommodation in a mix of new, retained and refurbished buildings. The company also believes that the sites will benefit from their close proximity to the City and the new Liverpool Street Crossrail station which is due to open in 2018.
The company has entered into an option agreement with The City of London Corporation and will draw down a development agreement subject to securing revised planning consent on the sites. On completion British Land will acquire a long leasehold interest in the sites.
Nigel Webb, head of development at British Land, said: "We are excited by the site's potential to provide a vibrant mix of offices integrated with retail and leisure uses along with high quality residential. We expect the smaller offices to appeal to increasing demand from technology and media companies in this area of London. A number of the existing buildings will be retained and brought back into active use to provide an attractive and characterful environment."
Michael Cassidy, chairman of the City of London Corporation's Property Investment Board, commented: "The City of London Corporation is delighted to be involved in this redevelopment with British Land. It will enable the Shoreditch Estate site to be regenerated over the coming years and play a key role as this exciting area of London continues to change."
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