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Hammerson Submits New Application for Mixed Use Scheme

23.03.2011

Hammerson has submitted a detailed application to the London Borough of Hackney for its
mixed-use scheme, Principal Place (formerly known as Bishops Place).

Planning permission was originally granted for the major office-led scheme in late 2009. Following a full review of the scheme and feedback from potential occupiers and stakeholders, Hammerson’s new proposals are an evolution of the current permitted scheme.

The proposed scheme, designed by Foster + Partners will accommodate a single 54,940m² (591,000ft²) lower rise office building offering large floor plates and flexibility to occupiers. The building has the potential to deliver a single head office location or a multi-tenant building.

Complementing the 16-storey office building are 243 private apartments in an elegantly designed residential tower, with an additional 56 affordable units located on site.

The new scheme creates a main square for Principal Place at street level and opens up the area, creating a vibrant public realm with 2,500m² (27,000ft²) of retail units and restaurants.

In line with the consented scheme, the new application will preserve 233 Shoreditch High Street (The Light Bar Building), ensuring the restored building is reinstated to its status as a bookend building at the southern end of Shoreditch High Street.

Martin Jepson, Managing Director London Group, Hammerson commented:
“The new planning application for Principal Place represents a proactive response by Hammerson to the changing commercial market through the creation of large floor plates and flexibility of space. The evolution of the scheme means we can now offer a high quality differentiated office product to city occupiers at a time when there is modest supply for this distinct type of building.”

It is anticipated that the application will be determined by Summer 2011. During the determination period Hammerson will look for a pre-let for the office building.

Subject to planning approval and occupier demand, completion is set for early 2014 for occupier fit out with the building ready for full occupation at the end of 2014.

CBRE and Allsop are representing Hammerson.

ENDS

For further information contact:
Catrin Morgan, Hammerson PR Manager
Tel: 020 7887 1063
Email: catrin.morgan@hammerson.com