British Land to redevelop London Shoreditch estate

UK REIT British Land has reached agreement with The City of London authorities to redevelop The Shoreditch Estate in East London.

The estate comprises three sites which have the potential to provide around 320,000 sq ft (30,000 m2) of office, retail and residential accommodation in a mix of new, retained and refurbished buildings.

The area in question has emerged as a hub for the creative TMT sector in recent years. British Land plans to focus on developing space which appeals to the more established TMT occupiers seeking highly specified, character offices and wishing to capitalise on the sites' close proximity to the new Liverpool Street Crossrail station which opens in 2018.

British Land has appointed AHMM as architect for the development. On completion the company will acquire a long leasehold interest in the sites.

Tim Roberts, head of offices at British Land, said: "We are pleased to have entered into this agreement with The City of London Corporation. The Shoreditch Estate is a growing area of London and plays well to our planning and development skills. With much of our existing development programme completing over the next year, this site further adds to our pipeline. We remain positive about the outlook for development in London and expect this investment to generate good returns for our shareholders.'

Michael Cassidy, chairman of the City of London Corporation's Property Investment Board, said the redevelopment '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'.

Jones Lang LaSalle acted for British Land and The City of London Corporation was advised by Allsop.