Slade to take a chance on huge City makeover

On September 20th it was suggested here that the Mike Slade was hiding something: that the ebullient MD of Helical Bar was going to start developing again. That it indeed the case - and it is a much bigger way than might be imagined from the statement issued on October 16th, when it was announced Helical was to "advise" Hypo Real Estate on salvaging the old Clifford Chance offices that squat at the western end of London Wall in the City.

Today's Standard column carries a short story which reveals a huge re-build is planned for the 370 000 sq ft of space in which Rreef and Allied London have just spent £60m on an internal refurb in a futile attempt to attract tenants. Prêt a Manger has taken a shop - and, er... that's it. Who knows how many millions have been lost millions sprucing up the clunker of a building that has lain empty for years?

Now a second more fundamental makeover is planned. The dreadful black and dark marble cladding is to be stripped and replaced. There are thoughts of high level restaurants and low level cafes and shops. Much of the new internal works will be stripped. Helical won't just be advising either. It is likely that the listed developer will take a stake and hold 200 Aldersgate until the building is filled and the first rent review is reached.

If you were wondering when large-scale development would begin again in the City of London, wonder no longer. The man who others tend to follow is leading the way. The only thing Slade might be still hiding is a desire to put flats into the block. He hinted at an interest in residential just yesterday in the Times. But, surely not; the City Corporation might have a fit.