British Land Co. and GIC Pte, Singapore’s sovereign wealth fund, won approval to redevelop a building at the Broadgate office complex in the City of London financial district.
The project, known as 100 Liverpool Street, was approved on Tuesday in London after a vote by the borough council. The landlords will extend and refurbish the existing building to create a new 47,840 square-meter (515,000 square-foot) office property with restaurants and stores.
Half of the workspace under construction in the City of London and the adjacent technology district that includes Shoreditch has been leased in advance of completion, according to Deloitte Real Estate. The vacancy rate for office buildings in the City is now at the lowest since 2001, boosting rents by 8.3 percent in the six months through March, according to broker Knight Frank LLP.
GIC bought 50 percent of Broadgate, a 30-acre complex of office buildings, shops and restaurants, for about 1.7 billion pounds in 2013. The existing building at 100 Liverpool Street is leased to UBS Group AG, which will begin moving as many as 6,000 workers into a new office property at Broadgate next year.