Landsec lodges plans for 23-storey London office block

Landsec has submitted plans for the redevelopment of 55 and 65 Old Broad Street, EC2. The REIT bought the block for £87m in 2020 and now plans to build a 23-storey office and retail block to replace 55 (pictured), with a smaller five-storey block in place of 65. The existing building was built in 1976 and comprises 12 storeys bordering Wormwood Street and six stories adjacent to Old Broad Street. The Fletcher Priest-designed scheme aims to transform the “currently harsh and impermeable site” into “anything but a conventional City tower”. Landsec said the entire scheme will represent a “significant direct investment” of £450m in London. The larger building will house around 356,080 sq ft of office space aimed at corporate occupiers, with the refurbished 65 Old Broad Street offering retail, café, studio and office space, as well as cultural and event space. The Grade II listed Victorian Bath House located next to the site will be refurbished and restored to provide a cultural offering. Planning documents compiled by Dp9 said the current building and surroundings provide poor contribution to the public amenity and “will require extensive works to bring it up to today’s standards, let alone future requirements to tackle the climate emergency”. The company is targeting a minimum WELL Gold standard and NABERS UK 5* rating and the site would offer around 675 cycle spaces. The site at 65 Old Broad Street is intended to be an affordable incubator for micro businesses and SMEs in the creative, cultural or light industrial industries. The ground and first floors of the building would be available to “qualifying users”, which Landsec defined as a business that has traded for less than 10 years, is not a subsidiary of a larger company that has traded for more than a decade and does not employ more than 10 full-time staff. The third and fourth floors will comprise flexible office and studio space for start-ups. The REIT would offer at least 25 affordable desks, at no more than 70% market rent, for qualifying users as well as desks with no discount for general users. These desks would have a cap on organisations taking more than five desks. Oliver Hunt, development director at Landsec, told EG: “When reimagining 55 Old Broad Street, we turned the traditional approach on its head. Alongside modern offices, retail space and greatly improved public realm around the building, we want to seize the chance to create a true seven-day a week destination – one that gives talented creatives space to flourish, and generates long-term positive impact for the area.” If approved, building works on the site are expected to start in January 2025 and are predicted to complete in summer 2028. To send feedback, e-mail chante.bohitige@eg.co.uk or tweet @bohitige or @EGPropertyNews Image courtesy of Landsec