Mitsui Fudosan UK and Stanhope have made a start on their development site at 70 Mark Lane, EC3. A new head lease has been signed and co-freeholders The Drapers' Company and the City Corporation have agreed that building may go ahead.
The developer has consent for a 16-storey, 170,000 sq ft office, with complementary ground floor units and roof terraces. The demolition work has begun and is expected to be completed by April 2013, with a targeted completion for the development of October 2014. The cost is expected to be c.£110m.
Newton Perkins reported on the progress of this development earlier in 2012 and the development will bring further interest to an area of the City that is already witnessing major development projects such as those at monument Place and 20 Fenchurch Street.