Mitsui Fudosan & Stanhope JV purchase City offices

Development work to progress on new office scheme in the City of London

Article posted: 09 Jan 2012

Mitsui Fudosan UK and Stanhope (in a 90%/10% JV) have completed the purchase of the 70 Mark Lane, London EC3, development site, for £19.5m, from Schroder Property Investment Management.

The property has planning consent for a new glass-curtain-wall sixteen-storey building, offering 177,000 sq ft of prime office space in the City of London together with complementary retail space, with a total development cost of circa £100m.

The island site scheme is designed by Bennetts Associates and will offer a generous reception area, high spec and energy efficient floor space, and magnificent views of the Tower of London and Tower Bridge. The scheme is targeting a BREEAM ‘Excellent’ rating.

Mitsui Fudosan and Stanhope will work together with the Drapers’ Company and the City of London, who also own freeholds within the site, to finalise pre-construction matters with the aim of delivering the completed building in 2014.

70 Mark Lane is Mitsui Fudosan’s second City development investment in as many months, following its purchase of 8-10 Moorgate in November where demolition works are already underway. Mitsui Fudosan and Stanhope are also currently constructing 5 Hanover Square, a new mixed-use development comprising 67,000 sq ft of office space in Mayfair together with some retail and residential accommodation which is under construction and scheduled to complete by March 2012. 70 Mark Lane will be Mitsui’s third project in London since it announced its expansion into the London development market in 2006 by forming a partnership with Stanhope. 

Across town Stanhope has recently been granted planning permission for the refurbishment and repositioning of office space in King’s Cross, WC1 at Mabledon Place on Euston Road. The 1970s office building fronts Euston Road and lies within the wider King’s Cross regeneration area.

Mitsui Fudosan and Stanhope were advised on the purchase of 70 Mark Lane by JLL and DTZ, and CBRE acted for Schroders.

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Posted by Sam