City of London development stands at 15.7m sq ft
According to sources, 48% of the capital’s pipeline is already pre-let, for the longer term, the market may see a significant under supply for development space with only 6m sq ft. projected to complete after 2020, of which 56% is pre-let.
Even though the construction levels are currently quiet, there is a further 15.4m sq ft of space due to complete before 2023 which most of it is located in the City of London.
Reports also say that, the future may see considerable improvement in submarkets along the new Elizabeth Line route as Paddington, Canary Wharf and Farringdon are seeing strong interest from occupiers.
Proposed ‘Tulip’ skyscraper has failed planning test
The 1,000ft high ‘Tulip’ skyscraper which was proposed for construction in the Square Mile has failed its planning test as it would breach planning rules, City Hall reports.
The proposed ‘tallest’ City of London building would sit alongside the Gherkin which would be the viewing platform at the tip of the concrete.
Eight storey building would include attractions, restaurants, a bar and even a classroom ‘in the sky’.
The practice’s founder, Lord Foster said “The Tulip was in the spirit of London as a progressive, forward thinking city”. Unfortunately the proposals were criticised by the Greater London Authority as it failed to allow public access to the viewing areas and causing “harm” to protected views of the Tower of London.
Draft proposals have breached the Mayor’s blueprint for the capital and would “cause harm to the historic environment” said the Greater London Authority planners. Also regarding the height, one foot taller than the proposed 1 Undershaft building also in the City, was unjustified - the 837ft concrete “stem” would appear “incongruous”.
Insufficient cycle racks was also part of the criticism “a poor quality pedestrian environment”.
One of the planning experts said, “It is clear there are considerable hurdles to overcome if this is to stand any chance of getting approval from the GLA”.
Metro Bank has opened third store in the City of London
The revolution in British banking, Metro Bank is opening another store bringing its award winning customer service to the streets of Moorgate, London. This will be the banks 66th store – third in the Square Mile.
Day long celebrations are set to spruce up the morning rush hour, with festivities kicking off at 8am. Open to residents, businesses and commuters there will be something for everyone such as free shoe shinning and live music. Peter Estlin, Lord Mayor of the City of London will officially open up the store with the bank’s Local Director Jimmy Munoz and Jake Wills the store manager.
The CEO at Metro Bank, Craig Donaldson said: “Opening our third seven-day-a-week store in the City goes to show the impressive growth of the bank and the demand among customers for great service and convenience. So, whether it’s the ability to open an account in 20 minutes with no appointment needed and walk out with everything set up; replacing a lost card on the spot; or simply looking to get involved in a local business networking or charity event, our new Moorgate store is set up to support the City’s residents, businesses and commuters. Together with the Moorgate team, I look forward to welcoming everyone to what will be a truly exceptional day.”
Metro Bank will offer retail account opening with no appointments needed, thousands of safe deposit boxes for customers to store their valuables and also Money Machines to count coins for free of charge.
Mirror to be installed in the streets of City of London
The City of London Corporation will be installing mirrors around the financial district in the grot spots with a catchy slogan “Mirror, mirror, on the wall, litter left here reflect badly on us all.”
The campaign will force people to look at themselves when they leave their rubbish along streetside ledges.
The corporation has spent a lot of time and money trying to keep the Square Mile clean with over 400,000 people passing through every day.
This campaign is set to tap into the selfie age where “image is everything”, trying to drive home to people that in today’s increasingly environmentally-conscious age, littering can actually have a negative impact on what others think of you.
Mirrors will be placed in litter hotspots such as Moorgate, London Metropolitan University and the Royal Exchange. Area of Cheapside near St. Pauls Station will also be included.
Campaign is scheduled to begin in mid-January to February.