In a joint announcement issued today, Mitsubishi Estate Company,
the owner & developer of Paternoster Square, and Mitsubishi Corporation, a global
trade and investment company and current freeholder of Bow Bells House, confirmed
that they have entered into a 50:50 joint venture to redevelop the existing building,
located on Bread Street, London EC4, on a speculative basis.
Demolition of the existing building, which is adjacent to the historic Bow
Church, is scheduled to commence shortly, to be followed immediately by construction
of a 200,000 sq ft office building designed by HOK International Ltd, for which
planning consent has already been granted by the Corporation of London.
The new building, which is scheduled for completion in 2007, will also be called
Bow Bells House. It will comprise seven floors of offices with large floor plates
and retail units on the ground floor, some of which will face onto Cheapside.
Stanhope, with whom Mitsubishi Estate Company worked on the redevelopment of
Paternoster Square, have already been appointed as development manager. DTZ and
CWHB will act jointly as letting agents.
Commenting on the announcement, Christopher Joll, spokesman for Mitsubishi
Estate Company said:
"We are delighted to have reached agreement with Mitsubishi Corporation
to redevelop jointly this prime commercial and retail site, which is ideally positioned
in the City. We believe that by 2007 there will be an acute shortage in the City
of large floorplate, new built space and we are encouraged to have already received
a number of approaches from potential tenants."
Julie Rogers, spokeswoman for Mitsubishi Corporation added:
"We have owned this site since 1988 and have given considerable thought
to the redevelopment. We are very pleased to announce that we have embarked on
this project with a partner who has achieved great success with their work in
nearby Paternoster Square, and we are confident that the new building will provide
optimum facilities in a prime location."
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