HK Developer To Build Office Tower In London
UNITED KINGDOM – Authorities have granted approval to Hong Kong developer Tenacity International Group’s plan to construct a new office building within the City of London, reported Bloomberg on Tuesday morning (26 January, EST).
The construction plan was approved by the City of London Corporation during a meeting on Tuesday.
Located adjacent to the landmark Walkie Talkie skyscraper, the 30-storey office tower is one of the biggest new commercial projects proposed in the financial district since the start of the COVID-19 pandemic, which has compelled many to work from home.
According to a filing, the building will feature roughly 34,000 sq m (366,000 sq ft) of office space, in addition to retail outlets, eateries, and a garden roof terrace that can be accessed by the public.
More importantly, Tenacity International Group’s move is a bet that offices will remain relevant and sought-after even after the health crisis is over.
“I believe London is and will remain an attractive city for companies large and small, and their workers,” the developer’s CEO Patrick Wong said during a video conference meeting.
“Brexit and the pandemic have created incredibly difficult conditions but my commitment to the City of London remains steadfast,” he added.
Notably, property developers have adopted a cautious stance on building new developments since the onset of the health crisis, which has severely affected the economy and demand for commercial properties.
Nevertheless, major businesses are still committing to lease new office towers in advance due to the limited supply of large office buildings in London that will be completed over the next few years.