A new office building development project in London has been given the go ahead. The new commercial property, which will be situated at 5 Broadgate, has been given official planning permission by The City of London Planning Committee, and will be used by UBS, a financial services company.
The building, which will cost around 340 million sterling to construct, will comprise of around 700,000 square feet of new office space over four levels and will allow UBS to move its entire operation into just the one building in the City of London, according to The British Land Company. Each floor should be able to house up to 750 individual traders.
"The City has... acknowledged the importance of the current and future needs of key occupiers for attractive, flexible, and sustainable floor space (and) the retention UBS in Broadgate," says Chris Gregg, The British Land Company's chief executive officer. The British Land Company worked on the new development in conjunction with the Blackstone Group, with the two companies already owning almost four and a half million square feet of accommodation within the Broadgate area.
The City of London Planning Committee says it believes that the building will be a "striking" and "eye catching" addition to the architecture of the city, which was one of the biggest reasons why they gave the go ahead to the development.
