City of London speculative office development begins

Aldgate Developments to start work on 317,000 sq ft Aldgate Tower

Article posted: 25 Nov 2011

The speculative development of new office space in the City of London is set to get underway in the New Year by Aldgate Developments at the 317,000 sq ft Aldgate Tower site in the City.

The development entity has raised finance for the £80m has been raised to cover the cost of construction of the office scheme which has been designed by Wilkinson Eyre Architects. On completion in Q4 2013, the 17-storey tower will offer brand new Grade A office space in the Square Mile, with 20,000 sq ft column-free floorplates.

Aldgate Developments are planning to regenerate the Aldgate area to create a new commercial quarter within the City. Aldgate Tower makes the first phase of the project which will also include a 250,000 sq ft office-led scheme at the adjacent Beagles House on Braham Street.

Aldgate Developments acquired the remaining stake on the scheme from Stanhope and has appointed Savills and BNP Paribas Real Estate to jointly market the property.

Commenting on the development, Christopher Hamp, Development Manager with Aldgate Tower said: "Aldgate Tower is the first phase of our plans to lead the way in redeveloping an exciting and well connected new commercial quarter in Aldgate. Construction is to commence in Q1 2012 with 317,000 sq ft of new Grade A space ready for occupation by Q4 2013. Beagle House is the next phase of Aldgate which we aim to begin in 2013, ready for completion and occupation in 2015.

"We are building Aldgate Tower into a very tight office supply pipeline in 2013 in a market that has very good underlying lease demand. With its efficient floorplates, immediate access to four separate tube lines, the nearby DLR to Canary Wharf and London City Airport, and very close walking proximity to the City core, we are confident there will be good demand for occupation in this new exciting commercial quarter."

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Posted by Janet