The Fleet Street quarter of London is set to be transformed with $5bn of investment over the next five years, with the former Daily Express building being redeveloped.
There will be 34 new and refurbished schemes, delivering an estimated 3 million sq ft of new Grade A commercial space across office, retail and leisure.
This will include 539,000 sq ft of net office redevelopment of the former Daily Express buildings at River Court, 120 Fleet Street.
Meanwhile there will be a 525,000 sq ft ‘Justice Quarter’ at Salisbury Square being delivered by the City of London Corporation.
And the areas will see the 292,000 sq ft redevelopment of the former Goldman Sachs HQ at Peterborough Court, 133 Fleet Street.
Lady Lucy French OBE, chief executive of the Fleet Street Quarter BID, said: “This part of London has been reinventing itself for 2000 years.
“We, the people that work, live, play and invest here, are the custodians of its past and the curators of its future. This is a golden opportunity, a landmark moment.
“We are seeing the evolution of an area; an emerging, sustainable, inclusive hub for today and tomorrow. This is a remarkable renaissance; the reinvention and repositioning of the Fleet Street Quarter.”
This pipeline of development comes from a coalition of developers, landlords and investors including the City of London Corporation, Landsec, CO-RE and Helical.
At the centre of this is the Fleet Street Quarter BID.
What is attracting so many leading investors, developers and occupiers to the Fleet Street Quarter? Fleet Street Quarter BID said one factor is the unparalleled opportunity to reposition the area, which features Fleet Street at its heart, but also embraces Chancery Lane, Holborn, Ludgate Hill and New Street Square, as a thriving and vibrant place to work, play and invest. 25,000 new office workers are set to be attracted to the area by the 34 forward-thinking developments that enhance flexible working, boast exceptional sustainability credentials and foster collaboration.
Another major attraction is the Fleet Street Quarter’s connectivity – arguably the best connected destination in London. Nestled between the City and London’s West End, with a number of mainline and tube stations including Blackfriars and Farringdon. Thameslink offers connections to Gatwick and Luton, whilst the Elizabeth Line provides access to Heathrow in 36 minutes. The Fleet Street Quarter also benefits from its proximity to the Cycle Superhighway 3.
The occupier demographic of the area has changed radically over the last 50 years. Previously known for its newspaper connections, the Fleet Street Quarter is now home to an eclectic range of businesses from financial services and legal powerhouses to technology, media and creative industries. One example is BAFTA and Oscar-winning creative studio Framestore, the team behind films including Paddington and Guardians of the Galaxy.
Deputy Shravan Joshi MBE, planning and transportation chairman, City of London Corporation, said:“The Fleet Street Quarter is one of the few places left in London where you can really redevelop and reinvigorate a postcode.
“I would say it’s a once-in-a-generation opportunity. One of the things I am very mindful of is we don’t want to just build for today; we’ve got to be planning for tomorrow.”
