The developer has received planning permission from the City Corporation to redevelop 10 St Bride Street in the City of London.
The 55,400 sq ft scheme is on the western side of the city close to Ludgate Circus and will be developed speculatively. The building will be redeveloped behind a partially retained façade and will also include a wine bar and restaurant.
Luxembourg-based fund Sireo Immobilienfonds Number 4 is providing the forward funding for the building. Construction work will start in September and finish in late 2009.
The scheme forms part of the City Corporation’s plans to regenerate the area and pedestrianise St Bride Street. Development Securities holds the site on a long leasehold from the City Corporation.