Planning consent exists for a total of 490,000 sf of high quality office and retail space designed by Nicolas Grimshaw & Partners. Under the plan the existing 310,000 sf 26-storey tower building will be refurbished and a new 180,000-sf low-rise building constructed beside it.
It is anticipated that a redevelopment will be undertaken on a phased basis, commencing with the refurbishment of the tower building, with a possible start on site during 2005.
Hammerson Chief Executive John Richards said: "This acquisition is in line with the group's strategy of maintaining a pipeline of future development opportunities and recycling capital. Since the beginning of 2003, we have raised nearly £250 million ($480 million) from the disposal of office properties in central London."
Hammerson was advised by Strutt & Parker and the London Stock Exchange was advised by CB Richard Ellis.
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