Demolition works have now started on 100 Bishopsgate, the joint-venture development between Brookfield and Great Portland Estates. But it looks like it will be a while before construction get properly underway, as the joint venture is not willing undertake a speculative development. It is therefore seeking a prelet before starting construction, unlike the nearby speculative development of the Heron Tower.
Here’s a pic of the proposed building, followed by a recent one of the existing building prior to the start of demolition:
Also this week, Great Portland Estates has managed to secure a big prelet for its development at 160 Great Portland Street, which will enable it to start construction. Double Negative, a company that specialises in visual effects for the film industry, is to take the 86,535 sq ft on a 20-year lease and pay £4.7 million a year after an initial 29-month rent-free period and a capital contribution by Great Portland Estates of just over £1 million.
So clearly some of the big developers are going for a cautious approach, reflecting current levels of economic uncertainty.