British Land has received planning approval for its Ropemaker office development located on a 1.2 acre site in the City of London. The company acquired the site in March 2006 for £130 mln (EUR 190 mln) with planning consent for a 46,916 m[sup]2[/sup] development. British Land chose to revise the existing design to maximise the floor space and efficiency of the building. The new plan involves construction of a 55,091 20-storey building for office and retail use.
British Land has received planning approval for its Ropemaker office development located on a 1.2 acre site in the City of London. The company acquired the site in March 2006 for £130 mln (EUR 190 mln) with planning consent for a 46,916 m2 development. British Land chose to revise the existing design to maximise the floor space and efficiency of the building. The new plan involves construction of a 55,091 20-storey building for office and retail use.
Nigel Webb, Head of Developments, British Land said: 'In acquiring Ropemaker we saw the opportunity to secure an improved consent for a bigger and better building. Having secured planning consent we are committed to building out the development speculatively and will deliver it to the market in 2009.' London offices represent 36% of British Land's £16.4 bn property portfolio.
