UK property company British Land has announced a redevelopment of Broadgate Tower, located within the Broadgate campus in London, England.
The project will see the addition of a three-storey extension, the refurbishment of tower floors, and the transformation of the Broadgate Plaza, creating an area to support both biodiversity and well-being.
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This scheme is poised to meet the demand for office space in the city, with completion set for late 2026.
The redevelopment plan includes an approximately 6,200ft² terrace at the front of the building, along with the addition of arrival and amenity floors and end-of-trip facilities such as cycle storage and showers.
The project is expected to deliver a gross yield on cost above 8% and a high-teen ungeared internal rate of return.
Construction company BAM will oversee the construction, which also includes a fresh reception area and the installation of an air-source heat pump, all at a cost of £100m ($129.2m), with British Land contributing £50m.
Aiming for Building Research Establishment Environmental Assessment Methodology Outstanding, an energy performance certificate A rating, and WELL certification, the Broadgate Tower project will incorporate circular economy principles to limit embodied carbon. The extension will feature reused steelwork and cross-laminated timber.
To date, British Land has agreed terms or placed under offer approximately 200,000ft² of office space at Broadgate this year, building on the 750,000ft² of leasing deals it completed last year.
The joint venture between Broadgate REIT, British Land, GIC, and Modon Holding is also set to deliver the 750,000ft² 2 Finsbury Avenue development.
The office space at 1 Broadgate is nearly fully pre-let, with JLL and A&O Shearman occupying 96% of the building.
British Land development head David Lockyer 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.”
Yesterday (24 March), British Land received planning approval for the sustainable redevelopment of Euston Tower in London’s Knowledge Quarter.
