Plans are underway for a new £350m residential tower and office development which will provide a new lease of life for the Square Mile. The vision called Principal Place is set to be placed adjacent to the completed 201 Bishopsgate and Broadgate Tower.
The site has been identified as suitable for development by the London Borough of Hackney. It is included with a Tall Buildings Opportunity Area within the Adopted South Shoreditch SPD (Supplementary Planning Document) and the adopted UDP (Unitary Development Plan) also designates the site as an area suitable for new employment development.
Principal Place offers a unique opportunity to regenerate a mostly vacant site close to the heart of London. It will create thousands of new jobs and open up an area that is currently largely inaccessible to the public to deliver a vibrant place for people to live, work and visit.
Hammerson submitted a planning application in 2007 for a high quality mixed use office led development which was granted planning permission in 2009.
The new scheme contains a single 54,940m² (591,000ft²) office building that will provide much needed variety in the City office market.
In the most significant change from the consented scheme, there will be a lower rise office building offering large floor plates and flexibility to occupiers. The building has the potential to deliver a single head office location or a multi-tenant building.
Principal Place will create public open spaces alongside offices, shops and homes and bring with it new job opportunities. It will open up an area that is currently largely inaccessible to the public to deliver a vibrant place for people to live, work, and visit close to the heart of London.
Design excellence has been central to the vision for Principal Place. London-based, internationally renowned architects, Foster + Partners has, over the past five years, developed the proposals.