Canadian investment giant Brookfield Properties is preparing to lodge plans for a major "retrofit-first" redevelopment of Milton Gate, law firm Addleshaw Goddard's to-be-vacated headquarters in the City of London.
The plans would increase the size of the building by 50% from 200,000 square feet to around 300,000 square feet but would "round off" the roof with greening ensuring it does not increase in height.
A second public consultation has begun on plans for the building on Chiswell Street that seek to retain 70% of the structure and deliver an "amenity rich, sustainable office building capable of meeting the evolving demands of the City, its occupants, and the local community", Brookfield said in a statement.
Designed by Allford Hall Monaghan Morris, Brookfield said the proposals for the 1980s building on Chiswell Street seek to:
- Remain respectful of the existing height of the building, whilst improving the utilisation and biodiversity of the site and visual appearance of the roofscape.
- Adopt a retrofit-first approach, retaining 70% of the existing structure, while delivering an all-electric building with leading sustainability credentials.
- Reposition and enhance the civic presence of the building through greater activation and engagement of the building at street level, including a new entrance oriented towards the primary transport nodes of Moorgate & Liverpool Street.
- Deliver a new step-free and landscaped route between Moorfields and Moor Lane.
Brookfield Properties said it expects to submit a planning application later in the summer. The public consultation will run until 14 June. The building becomes vacant next year.
Brookfield bought Milton Gate from Chinese life insurance company Taikang Life for around £215 million in 2021. The entire property was let to Addleshaw Goddard on a single full repairing and insuring lease for 16 years and six months from 20 March 2008 expiring on 19 September 2024.
In 2022, Addleshaw Goddard completed a prelet of 114,000 square feet of offices for a relocation to Pembroke's 41 Lothbury in the City, in a deal first revealed by CoStar News.
In London, Brookfield has developed over 3 million square feet including London Wall Place, Principal Place, 100 Bishopsgate, and One Leadenhall.
Deloitte's latest London Office Crane survey finds developers are increasingly turning to refurbishments in the face of economic uncertainty, with new construction starts falling.
The latest survey recorded 4.2 million square feet breaking ground, across 42 schemes, an 18% decrease when compared with the previous survey six months prior, which had reported the highest volume of new starts on record. Despite this dip, the volume of new starts is well above the 10-year average of 3.3 million square feet.