The redevelopment of 1-2 Broadgate has been approved by the City of London Corporation. The building is jointly owned by British Land, the property development and Investment Company, and GIC, the Singaporean sovereign wealth fund.
The property was once occupied by the global financial services firm, Lehman Brothers, and has since been home to a range of occupiers including UBS, ICAP, Investigo, Multiplex and the serviced office provider, Regus.
The project is part of British Land and GIC’s £1.5bn investment plan for the 32-acre Broadgate campus, where around 1m sq ft is under development. The building will be demolished and replaced with a 14-storey block, comprising retail and leisure space as well as 10 floors of offices.
1-2 Broadgate is located in the southern part of the Broadgate campus in the City of London, close to Liverpool Street station. The four lower floors will be dedicated to retail and leisure, creating a major new shopping centre linked to Liverpool Street station. The rest of the mixed-scheme will comprise over 375,000 sq ft of new office space in addition to 45,000 sq ft of green terrace and balcony space for users of the building.
The scheme has been designed as a series of variously coloured stacked boxes. According to a design statement, “the colours of the elevations are taken from the earthy and autumnal colours of the buildings in the surrounding area. The metal fins will be coloured to express the mass as a series of stacked volumes. The colours at the base of the building will be darker, graduating to lighter colours at the top of the building”.
David Lockyer, Head of Broadgate, British Land, said: “We’re delighted with the decision, our proposed development forms part of our wider, long-term plan to invest in Broadgate, with our partner GIC, to create a world class mixed-use destination for London. This decision gives us the opportunity to deliver an exemplar building so we can continue to attract a range of leading businesses, including high-quality retail and leisure operators”.