Case Studies

More London, London

Identified the development opportunity and purchased on behalf of an investor in January 1998 for £65.5 million. Acted as development managers to plan and build the mixed-use scheme. Sold our interest in London Bridge Development Contractors Ltd in August 2002.

The site was essentially a 13-acre hole in the ground on the South Bank of the River Thames between London Bridge and Tower Bridge. It had remained undeveloped for more than a decade and planning consent had been granted for a development no-one wanted to build.

Market opportunity

Where the market saw the site’s chequered history, we saw a key location with the potential to become a vibrant new business centre in close proximity to the City of London and with views of the Thames, Tower Bridge and Tower of London.

Strategy

Following the purchase of the site, we were appointed development managers in January 1998. We commissioned a mixed-use master plan designed by Foster and Partners. This provided approximately 1.8 million sq ft of lettable office and retail space. In February 1999 the site was selected to house the new City Hall headquarters of the Greater London Authority. This was designed and built within 30 months and was opened, on time and on budget, by Her Majesty the Queen on 23 July 2002. The City Hall flagship development paved the way for further lettings to Ernst & Young and Hewitt Bacon & Woodrow in office buildings also constructed under our management.

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