2 Finsbury Avenue building due to finish in 2027
British Land is looking at bringing in an additional investor for its scheme at 2 Finsbury Avenue being built by Sir Robert McAlpine.
The firm is developing the 36-storey City tower, designed by Danish practice 3XN, alongside joint venture partner, Singaporean firm GIC.
McAlpine is expected to finish the job in 2027 and in its annual results today, British Land said: 鈥�2 Finsbury Avenue is expected to deliver attractive returns. Together with GIC, our joint venture partners at Broadgate, we are exploring several capital recycling options, including bringing in an additional partner at 2 Finsbury Avenue to share risk and cost and to accelerate these returns.鈥�
The developer has let 252,000 sq ft of space of the Broadgate tower at 鈥渞ecord-breaking rents鈥� to finance firm Citadel Securities with British Land saying that offers on all space in the Square Mile are at their highest level since 2000. Citadel, which signed up last month, has the option to take a further 128,000 sq ft of space.
The job at 2 Finsbury Avenue is believed to be worth around 拢500m, with McAlpine having carried out much of British Land鈥檚 redevelopment of Broadgate, which has included completing 100 Liverpool Street while it is due to finish work on AHMM鈥檚 1-2 Broadgate next year.
British Land said the scheme is the only major City project to complete in 2027 and will comprise of two buildings 鈥� a 21-storey West office tower and 36-storey East office tower.
Others working on the job include executive architect Adamson, the firm which worked on the Shard, structural engineer Ramboll, QS Core Five and project manager Gardiner & Theobald.
No comments yet