500,000 sq ft Grimshaw scheme will transform City

The London Stock Exchange is pleased to announce that the Corporation of London today resolved to grant planning permission for the redevelopment of the Exchange’s site at Old Broad Street – one of the largest urban regeneration projects in the City of London. 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 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 better meets its current business requirements.

Clara Furse, Chief Executive of the Exchange, said: “This is the latest milestone for our relocation project, which is proceeding according to schedule. 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.”

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”, in his recommendation to the Planning and Transportation Committee.

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.

For further information or images, please contact:

Ian Campbell
Press Office, London Stock Exchange
T. 020 7797 1425
E. icampbell@londonstockexchange.com

Dominic Morgan
Tamesis Business Communications
T. 020 7908 3200
E. DominicM@tamesis-pr.com

Notes to editors:

• The Planning Committee of the Corporation of London resolved to grant planning consent for the redevelopment, subject to planning agreements, at their meeting on Tuesday 8th April 2003. The Corporation will issue planning consent once the planning agreements are finalised.

• The existing Exchange Tower will be reclad using aluminium panels and increased glazing to break up its mass and enhance its impact on the surrounding environment. Its cores will be reorganised to increase the net area of the building.

• A key feature of the scheme will be to remove the raised entrances currently at podium level and lower them to street level, and to further improve pedestrian accessibility via a new walkway through the scheme linking Old Broad Street and Throgmorton Street.

• The retail content of the redevelopment scheme, based around the new pedestrian thoroughfare through the site and fronting Throgmorton Street and Old Broad Street, will complement the range of retail outlets in the immediate area. This includes the boutique shopping at the Royal Exchange and the retail content at the forthcoming Lion Plaza development.

• The new nine storey office building to the west of the site will be stepped down to sixth floor level, with each stepped level providing a landscaped roof garden that will enhance views and provide amenity space for occupiers.

• The Exchange is relocating from Exchange Tower on the Old Broad Street site because the building no longer meets the requirements of the business.

• All floorspace figures quoted are approximate net internal measurements.

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