British Land to redevelop Shoreditch Estate

Real estate developer British Land has confirmed that

it has entered into an agreement with the City of London Corporation to redevelop London’s Shoreditch Estate. British Land, which owns and manages shopping centres including Meadowhall in Sheffield, is to transform the Shoreditch Estate that comprises of three sites covering two acres fronting onto Shoreditch High Street and Norton Folgate, which sits immediately to the north of Spitalfields and the core City of London market.

The site has potential for around 320,000 square foot of retail, office and residential accommodation, according to British Land, in a mix of new, retained and refurbished buildings, which will benefit from its close proximity to the City and the new Liverpool Street Crossrail station which is due to open in 2018.

Nigel Webb, head of development at British Land, said: "We are excited by the site's potential to provide a vibrant mix of offices integrated with retail and leisure uses along with high quality residential. We expect the smaller offices to appeal to increasing demand from technology and media companies in this area of London. A number of the existing buildings will be retained and brought back into active use to provide an attractive and characterful environment."

Michael Cassidy, chairman of the City of London Corporation's Property Investment Board, added: "The City of London Corporation is delighted to be involved in this redevelopment with British Land. It will enable the Shoreditch Estate site to be regenerated over the coming years and play a key role as this exciting area of London continues to change."

The City of London selected British Land to develop the site in May this year following a bidding contest. The developer has now entered into an option agreement with The City and, subject to securing revised planning consent for the sites, will draw down a development agreement. British Land will acquire a long leasehold interest in the sites once completed.