City boss wants a new ‘beacon’ as Fleet Street evolves

The chair of the City of London Corporation’s property investment board has called for the area around Fleet Street to become “the beacon of the legal profession” as redevelopment plans get under way. Tom Sleigh said the corporation, which governs London’s Square Mile, had “absolute commitment and support” for a revamp of Fleet Street, EC4, which he added “you might argue has been slightly neglected in recent years”. Sleigh spoke at the Reinventing Fleet Street event, organised by the City Property Association and held at the local offices of law firm Charles Russell Speechlys. Once the heart of much of London’s newspaper industry, the street is today home to a number of big legal and financial firms, with plans in motion for a new City court complex being designed by Eric Parry Architects. The event followed the announcement that several property owners, developers and agents have teamed up to form the Fleet Street Partnership with backing from the City corporation. Those firms, which include Landsec, Greycoat, Farebrother and CBRE, aim eventually to create a new business improvement district, or BID, under which local occupiers pay an additional levy on top of business rates towards marketing, local events and public realm improvements. Sleigh, who also chairs the Fleet Street Partnership, said: “It is time to reinvigorate and reimagine the area. That is why the City is ambitious for Fleet Street and we are ambitious for what we think the BID can bring to it.” Ruth Duston, managing director of regeneration consultancy Primera, opened the event by admitting that Fleet Street has “lost its identity”, but assured the audience “that’s all about to change”. “It’s an exciting time for the area,” said Duston, who has worked on London BIDs in Cheapside, Baker Street, Victoria and Northbank. “As a result of that there’s been an enormous opportunity to bring the business community together to work more collaboratively in looking at how they can have some input into shaping that vision and that agenda.” Alistair Subba Row, senior partner at Farebrother, said on a panel discussion at the event that BIDs have boosted a sense of “local stewardship” in business communities throughout the capital. “[The] latest one is Hatton Garden, which is going from strength to strength,” Subba Row added. “It doesn’t happen overnight – regeneration takes time – but the changes to Hatton Garden have been incredible in terms of local community events, public realm improvements, wayfinding, and driving that local economy.” Around Fleet Street, Subba Row estimates that a third of the 9m sq ft of office space is coming to market as tenants move buildings. “There’s a great opportunity to be doing something remarkable with these buildings,” he added, pointing to buildings including 65 Fleet Street, which law firm Freshfields Bruckhaus Deringer is leaving; former Goldman Sachs office Peterborough Court; and 16 Old Bailey, once home to law firm Withers, as redevelopment opportunities. Nick Gill, investment property director at the City of London Corporation, said the plans for the new court complex were an attempt “to cement the City as a centre of legal excellence”. Also speaking on the panel, Eric Parry echoed the sentiment that Fleet Street needs a new identity as the built environment changes. The newspaper industry is now “a ghost” in the local area, he said, raising the question: “What’s next?” “From an urban point of view, I think it’s incredibly interesting,” Parry said as he discussed changes to the neighbourhood and his work on the court complex. “At the level of amenity, I think it will have a gravitas that maybe has been missing from this part of town. That’s very exciting.” To send feedback, e-mail tim.burke@egi.co.uk or tweet @_tim_burke or @estatesgazette