Quintain, Lend Lease plan new business district in London

British property company Quintain and Australian-listed Lend Lease have announced the launch of a new business district at London's Greenwich Peninsula. The cornerstone to the scheme is the agreement with Transport for London to take a 20-year lease on 12,500 m² of space in the new Peninsula Central business district.

Peninsula Central is a 325,000 m² business district at the centre of the Greenwich Peninsula redevelopment, alongside 10,000 new homes, 150 new shops and restaurants and 20 hectares of green space. Quintain and Lend Lease have agreed to invest a maximum of EUR 84 mln each in a 50-50 joint venture to acquire and develop the site.

Work will start on the office building before the end of the year, with Transport for London taking occupation in 2009. The agency also has an option on a further 5,600 m² of space in the centre.