British Land has announced a significant redevelopment of Broadgate Tower, a 34-storey office building within its Broadgate campus in the City of London.
The project aims to enhance sustainability standards while delivering high-quality office space to meet growing market demand.
The redevelopment will include a three-storey extension featuring a 6,200 sq ft terrace at the front of the building. Additionally, the project will introduce modern amenities such as upgraded arrival areas, an amenity floor, cycle storage, and shower facilities. Tower floors will undergo extensive refurbishment to align with contemporary occupier expectations. Broadgate Plaza will also be transformed into a green oasis, boosting biodiversity and promoting employee wellbeing.
Scheduled for completion in late 2026, the project is strategically timed amid increasing leasing demand. With active leasing requirements at their highest since 2011 and a projected shortfall of 5 million sq ft of premium office space in the City over the next four years, Broadgate Tower is well-positioned to attract tenants seeking a prime location and modern facilities.
The development is set to deliver a gross yield on cost exceeding 8% and a high-teen ungeared IRR. BAM has been appointed to oversee the project, which includes constructing a new pavilion, enhancing the public realm, upgrading reception and end-of-trip facilities, and refurbishing office floors. The installation of an air source heat pump is also part of the plan, with the total project cost estimated at £100 million, of which British Land’s share is £50 million.
David Lockyer, Head of Development at British Land, said: “British Land has an excellent track record of developing high quality, sustainable towers which meet the standards of modern-day occupiers.
“Following our commitment to deliver 2 Finsbury Avenue last year and recent leasing success across the Broadgate campus, this is another significant milestone for both the campus and the wider City as we deliver another office tower into a market where there is short supply of high quality, modern space but very high demand.”
British Land has been actively securing new tenants, with approximately 200,000 sq ft of office space at Broadgate either agreed upon or under offer this year. This builds on the 750,000 sq ft of office leasing deals completed in 2024, which included agreements with Akin Gump and Marex at 155 Bishopsgate, as well as Citadel and Citadel Securities at 2 Finsbury Avenue. The company’s Broadgate REIT, co-owned with GIC, has also formed a joint venture with Modon Holding to develop the 750,000 sq ft 2 Finsbury Avenue project. Meanwhile, 1 Broadgate is set to complete later this year, with 96% of its office space pre-let to JLL and A&O Shearman.
Sustainability remains at the core of the Broadgate Tower project, which is targeting BREEAM Outstanding, an EPC A rating, and WELL certification. Circular economy principles are being integrated to minimise embodied carbon, which is limited to just 230kg CO2 per sq m.
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