The Corporation of London today gave the London Stock Exchange planning permission for the redevelopment of the Exchange’s offices at Old Broad Street – above the trading floor that was closed in the 1980s. The Exchange intends to sell the site with planning consent to a developer as part of its planned relocation project.
The redevelopment scheme, designed by architects Nicholas Grimshaw & Partners, provides a total of 500,000 sq ft of commercial floorspace, including 28,000 sq ft of retail. The existing 26 storey Exchange Tower will be reclad and completely upgraded to provide 275,000 sq ft of offices. In addition, the scheme will provide two new office buildings of 170,000 sq ft and 25,000 sq ft respectively.
The Exchange claims the re-development will greatly enhance the immediate environment, creating a new retail thoroughfare linking Old Broad Street with Throgmorton Street, improving the streetscape and providing greater public accessibility. Grimshaw’s design will improve the 1970s Exchange Tower, in addition to providing two new contemporary buildings of nine storeys and five storeys respectively.
The Exchange will move its headquarters to a new building at Paternoster Square, next to St Paul’s Cathedral, that will better suit its shrunken business requirements.
“This is the latest milestone for our relocation project, which is proceeding according to schedule,” says Clara Furse, Chief Executive of the Exchange. “Once redeveloped by the new owner, the enhanced buildings will transform this historic part of London’s financial district and improve the City’s infrastructure.”
In his recommendation to the Planning and Transportation Committee. City Planning Officer, Peter Rees, described the scheme as “an ingenious and sophisticated design solution appropriate for this sensitive site and comparable to the quality of the new generation of tall buildings in the City.” Chris Strickland of City Offices London Management, which advised the Exchange on the redevelopment options, commented: “This large freehold site, located in the heart of the City and adjacent to the Bank of England, represents a rare development opportunity.”
Montagu Evans acted as planning consultants for the Exchange.