London Bridge site near Tower Bridge will be a very good deal for
London, minister for London Keith Hill has announced. The building,
designed by Foster and Partners, will be leased from developer CIT
Answering a written parliamentary question Mr Hill said:
'We have reached agreement with the developer, CIT Group, on a rent
of£36.50 per square foot,£393 per square metre. This is frozen
until 2007. The fixed rent at practical completion of the contract
will be£4.75m per annum.
'There are no similar buildings in the area. However, the£36.50
compares favourably with current rents, for top quality space in
prime locations, of typically around£50 per square foot in the City
and the West End of London. The developer will meet the cost of the
base building which is estimated at around£40m.'
The new building will be ready for the mayor and assembly in about
two year's time.
1. The election for the mayor of London and the London assembly
will take place on 4 May. The Greater London Authority will take
over its main responsibilities on 3 July.
2. The mayor and assembly will be accommodated in Romney House,
Marsham Street, London SW1 on a temporary basis until the new
building at More London Bridge is ready.