British Land commits to next big London property development project

·1 min read
British Land has a number of projects in the capital (PA)
British Land has a number of projects in the capital (PA)

Property giant British Land has demonstrated a vote of confidence in post-pandemic London, by committing to its a next major project creating homes and office space.

The FTSE 100 company will go ahead with the second phase of its Aldgate Place development, which will see it build 159 rental flats, 19,000 square feet of offices, as well as retail and leisure space close to Aldgate East station.

The first phase completed between 2016-17 and featured a hotel and apartments.

The latest decision to go ahead comes despite plenty of commentary around whether London workspaces and homes will be in demand, as more companies opt to have staff in offices fewer days per week and offer flexible working.

British Land is expected to start the latest work on Aldgate Place, which will be a net zero carbon development, in the third quarter.

The firm, led by Simon Carter, said the project brings total development commitments to more than 1 million square feet since November 2020.

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