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GOOD DEAL FOR LONDONERS ON NEW BUILDING FOR MAYOR AND ASSEMBLY

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The stunning new building for the mayor and assembly at the More ...
The stunning new building for the mayor and assembly at the More

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

Group on a 25-year lease.

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.

NOTES

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.

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