Japanese real estate giant Mitsui Fudosan and UK developer Stanhope have started building work on a £110 mln (EUR 137 mln) speculative office development in the City of London.
Japanese real estate giant Mitsui Fudosan and UK developer Stanhope have started building work on a £110 mln (EUR 137 mln) speculative office development in the City of London.
The pair launched the work at the 70 Mark Lane development site after signing a new head lease and building agreement with co-freeholders The Drapers’ Company and the City Corporation.
Demolition work is starting immediately and is expected to be finished by April 2013. The Category A mixed-use development is targeted for completion by October 2014.
The property has planning consent for a new glass curtain-wall sixteen-storey building, offering 15,800 m2 of prime office, and large enclosed terraces on three upper floors and four complementary retail units at ground floor level.
Mitsui Fudosan UK and Stanhope purchased the property in November 2011 for £19.5 mln from Schroder Property Investment Management.
