British Land today revealed plans for a radical 14-year revamp of its £3.2bn Broadgate estate in the City of London
In a presentation of its London developments for investors and analysts, Tim Roberts, co-head of asset management, said British Land had begun a masterplanning exercise called Broadgate 2020, which envisages a 25% increase in the size of the low-rise 4.8m sq ft (445,931 sq m) estate.
Although the earliest lease expiries at the 15 completed buildings do not arise until 2011, British Land has already begun talks with City of London planners about the redevelopment potential.
‘We don’t believe the plans are highly controversial,’ said Roberts.
Broadgate is mostly low-rise - buildings range from seven to 13 floors - with the only high-rise building being the Broadgate Tower, which is under construction.
However, London mayor Ken Livingstone’s narrowing of view corridors means that British Land will be able to increase the density of most of the existing buildings.
The company has earmarked five buildings - 100 Liverpool Street, 8-12 Broadgate, 4 Broadgate, 3 Finsbury Avenue and Broadwalk House - as having the biggest redevelopment potential.
Roberts said they could be increased by ‘two to three times’. The other buildings have either ‘moderate’ or ‘low’ redevelopment potential.