Silver billet to bring gold for British Land at Broadgate
New UBS HQ
Here is look at the startling new 700 000 sq ft office block to be built at Broadgate for UBS. The 13-storey block, which will contain four 60 000 sq ft trading floors, is today being submitted for planning to the Corporation of London.Broadgate owners, British Land and Blackstone, are therefore unveiling their plans today. They tale is in the FT this morning and will be in my column in the Evening Standard this afternoon.
The picture tells 1000 words, so not much more to say about the silver billet for 6000 UBS staff, which opens in the second half of 2014. Except to say it feels like the shape of architecture to come. If you want to save half the energy used in the three 1980's buildings 5 Broadgate will replace, you need to reverse the normal 65:35 glass-to-solid-cladding ratio. That is what architect Ken Shuttleworth of Make has done for his "engine block."
The development works pretty well for BL and for Blackstone, now their 50:50 partner on the City estate. There is no need to draw pictures. Just imagine the value creation from replacing 400 000 sq ft over eight stories, rented at £42 sq ft, with 700 000 sq ft over 13, rented at £54.50. BL's Tim Roberts says the base cost of the land and the 60m by 120m by 75m high block will be £450 million. Now, work out what 5 Broadgate will be worth on a 5% yield...
PS: Meanwhile a couple more developments on top of the UBS deal are announced in the pre-Christmas rush - and what sounds like a good idea to save CABE pops up in the Architects Journal: merge the rump of the design quango with the Design Council.
The second Christmas box comes via the Telegraph from Land Securities, which says it will refurbish a 227 000 block at 123, Victoria Street recently vacated by government. (Hindsight question; why not knock down the so-so block and build something bigger and better?)
Finally it looks like Clive Bush and Dan van Gelder have sorted out the the Middlesex Hospital site, according to the Times. The pair will be using so-so architects Sheppard Robson instead of original architect,Ken Shuttleworth, who has gone on to greater things. (See above).
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