The Allies and Morrison-designed tower will be delivered by the 100 Bishopsgate Partnership, a joint venture between GPE and Brookfield, after the Canadian developer paid GPE £43m in cash for an equal stake in the development, in March this year. GPE will act as both property and asset manager on the scheme, whilst Brookfield will assume the role of development manager and act as the main contractor, following the signing of a pre-construction services agreement between the two parties.
A planning application for an 815,000 sq ft development has already been approved by the City of London Corporation; however the plans have since seen an increase in available space to 925,000 sq ft, without breaking the height constraints of the original proposal. Whilst many feel that GPE could have been bolder in the height of the tower element given its place within the emerging City cluster, the three new buildings that make up the development were collectively given a glowing commendation by CABE, who described the scheme as one that has ‘intelligence and rigour’.
GPE has stated that they are still keen to find a pre-let for the office space, which will include the now almost mandatory trading floors, whilst the rest of the scheme will include a new public square, library, ground-floor retail and a Livery Hall for the Leathersellers’ Company. Construction is aimed to complete by the second quarter of 2014 with an estimated build cost of £438 per sq ft, which GPE believe results in a breakeven of less than £50 per sq ft, which should be easily achievable given the predicted rise in prime City office rents.