City of London to turn empty offices into 1,500 homes in pandemic recovery plan
The City of London is planning to turn office buildings left abandoned after the pandemic into hundreds of homes, as part of a recovery strategy designed to revive the financial district.
The City Corporation said it would explore ways to turn vacant space into housing, and set a target of adding 1,500 new homes in the Square Mile by 2030 through a combination of developing new schemes and converting disused buildings.
The move comes as part of the authority’s broader plan to revive the area, which has been hit especially hard since the outbreak of Covid-19, over the next five years.
The City of London is planning to turn office buildings left abandoned after the pandemic into hundreds of homes, as part of a recovery strategy designed to revive the financial district.
The City Corporation said it would explore ways to turn vacant space into housing, and set a target of adding 1,500 new homes in the Square Mile by 2030 through a combination of developing new schemes and converting disused buildings.
The move comes as part of the authority’s broader plan to revive the area, which has been hit especially hard since the outbreak of Covid-19, over the next five years.
It includes bringing in more tenants from the creative industries on low-cost, long-term leases in otherwise empty blocks, as well as trying to attract more “high-potential, tech-led businesses”, which have historically favoured other areas of London.
The Corporation will also consider banning traffic on Saturdays or Sundays during the summer, as well as organising all-night “cultural celebrations” designed to bring in more tourists and leisure-based income.
Landlords will be encouraged to offer more flexible office space suited to hybrid working, which is thought to be the direction most office occupiers are heading.
City of London Corporation policy chair Catherine McGuinness said: “We have been listening to businesses of all sizes in the City to understand how the pandemic has affected their ways of working and their needs going forward.
“Firms have told us that they remain committed to retaining a central London hub but how they operate will inevitably change to reflect post-pandemic trends, such as hybrid and flexible working.
“The Square Mile must evolve in order to provide an ecosystem that remains attractive to workers, visitors, learners and residents. This will involve encouraging growth, fostering talent from all backgrounds, providing a vibrant leisure offer and offering outstanding environments.”
Other plans include launching a shared 5G mobile phone network across the district by the end of next year, as well as pedestrianisation of major City thoroughfares and improving public spaces to accommodate cyclists and walkers.
To send feedback, e-mail alex.daniel@egi.co.uk or tweet @alexmdaniel or @estatesgazette
