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July 25, 2011 5:36 pm
Sellar Property Group, the developer behind the regeneration of the area around London Bridge, has unveiled plans for a 17-story office block opposite the rapidly growing “Shard” skyscraper.
The 430,000 sq ft building, which has been dubbed “the Place” and also designed by Shard architect Renzo Piano, will cost about £137m to build, but is expected to have a completed development value of close to £500m ($814m).
Irvine Sellar, chairman of Sellar Property, said that this was one of the largest speculative buildings being built in London. He described it as a key part of the wider £2bn London Bridge Quarter, which includes a new station concourse, public piazza and underground retail mall, as well as the Shard itself. The new building will be completed by the second quarter of 2013, or about a year after the Shard is due for completion.
The developer has already begun to talk to potential tenants, which are expected to be in the media and professionals services sectors, with an average rent expected to be about £55 per sq ft. This is in line with the top rents being achieved in the City at present, although there is expected to be further rental growth in the next few years owing to a wave of lease expiries and a lack of new office supply.
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