Home Commercial Property Record £5 billion investment set to transform the Fleet Street Quarter

Record £5 billion investment set to transform the Fleet Street Quarter

by LLP Finance Reporter
25th Apr 23 4:23 pm

Today, a report published by the Fleet Street Quarter, the business improvement district [BID] representing over 359 businesses across a 43 hectare footprint of the western part of the City, announced that a GDV investment of up to £5bn is set to be injected into the area by 2028.

A ground-breaking development pipeline of 34 new and refurbished schemes is poised to deliver an estimated 3 million sq ft of new Grade A commercial space across office, retail and leisure. This development will see the area undergo a radical transformation so bold that it will put the area back not just on the London map, but the UK map as what is set to be one of the most sought-after mixed-use destinations.

This report, ‘The Future is Fleet Street Quarter’, sets out the plans for an ambitious and exciting new pipeline of development that will radically transform this historic part of London.

Major development milestones of note include:

  • The 539,000 sq ft of net office redevelopment of the former Daily Express buildings at River Court, 120 Fleet Street
  • A new 525,000 sq ft ‘Justice Quarter’ at Salisbury Square being delivered by the City of London Corporation
  • The 292,000 sq ft redevelopment of the former Goldman Sachs HQ at Peterborough Court, 133 Fleet Street

What makes this pipeline of development so unique is the remarkable coalition of developers, landlords and investors including the City of London Corporation, Landsec, CO-RE and Helical working together in order to future-proof this historic part of London.

At the centre of this is the Fleet Street Quarter BID, an organisation that is embracing this collective, collegiate approach to development, and acting as ‘the glue’ between the public and private sector. The report gets under the skin of why there is this extraordinary level of investment and why it is happening in this part of London, now.

What is attracting so many leading investors, developers and occupiers to the Fleet Street Quarter? One factor is the unparalleled opportunity to reposition the area, which features Fleet Street at its heart, but also embraces Chancery Lane, Holborn, Ludgate Hill and New Street Square, as a thriving and vibrant place to work, play and invest.

25,000 new office workers are set to be attracted to the area by the 34 forward-thinking developments that enhance flexible working, boast exceptional sustainability credentials and foster collaboration.

Another major attraction is the Fleet Street Quarter’s unrivalled connectivity – arguably the best connected destination in London. Nestled between the City and London’s West End, with a number of mainline and tube stations including Blackfriars and Farringdon. Thameslink offers connections to Gatwick and Luton, whilst the Elizabeth Line provides access to Heathrow in 36 minutes. The Fleet Street Quarter also benefits from its proximity to the Cycle Superhighway 3.

The occupier demographic of the area has changed radically over the last 50 years. Previously known for its newspaper connections, the Fleet Street Quarter is now home to an eclectic range of businesses from financial services and legal powerhouses to technology, media and creative industries. Leading the charge is BAFTA and Oscar-winning creative studio Framestore, the creatives behind films including Paddington and Guardians of the Galaxy.

Over the coming months the area will be repositioned, rejuvenated and given a fresh new identity which will further enhance the area’s credentials as a great place to work and visit.

Fit for the post-pandemic future, developers are taking the opportunity to build state-of-the-art schemes with benchmark-beating sustainability credentials and spaces centred around employee wellbeing. This comes as part of a broader ambition to reimagine the area as a clean, green and secure community, with developments surrounded by a reimagined public realm set to evolve the Fleet Street Quarter’s urban environment. Occupiers are already signing up to take space in these landmark schemes. More will undoubtedly follow, as the remarkable renaissance of the Fleet Street Quarter continues.

Lady Lucy French OBE, Chief Executive of the Fleet Street Quarter BID said, “This part of London has been reinventing itself for 2000 years. We, the people that work, live, play and invest here, are the custodians of its past and the curators of its future.

“This is a golden opportunity, a landmark moment. We are seeing the evolution of an area; an emerging, sustainable, inclusive hub for today and tomorrow. This is a remarkable renaissance; the reinvention and repositioning of the Fleet Street Quarter.”

Deputy Shravan Joshi MBE, Planning and Transportation Chairman, City of London Corporation, explains, “The Fleet Street Quarter is one of the few places left in London where you can really redevelop and reinvigorate a postcode. I would say it’s a once-in-a-generation opportunity. One of the things I am very mindful of is we don’t want to just build for today; we’ve got to be planning for tomorrow.”

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