Construction work at Angel Court, Mitsui Fudosan UK and development partner Stanhope’s 300,000 sq ft prime London City office building, has reached the half way mark ahead of completion in Q4 2016. The 24 storey building, which occupies a unique core City location next to the Bank of England, is one of only two office buildings set to complete in the City of London next year which will offer floorplates larger than 18,000 sq ft. Construction at Angel Court commenced in August 2014.
Angel Court will provide 140,000 sq ft of new grade A office floor space across its six ‘Garden’ floorplates, which range between 18,000 sq ft and 27,000 sq ft, in addition to a further 160,000 sq ft over 18 upper ‘Sky’ floors, each comprising 8,750 sq ft.
Four thousand extra people are expected to be employed in the finance, legal, professional and tech, media and creative sectors in the City of London by the end of 2016, which could result in a demand for as much as 400,000 sq ft of floorspace. Mitsui Fudosan UK and Stanhope’s advisors Cushman & Wakefield, who act as joint agents alongside GM Real Estate, have found that whilst demand is set to grow, the choice of high quality office space in the Square Mile is decreasing. Only 1.2 million sq ft of new or newly refurbished space is currently available, the lowest level since the peak of the last property cycle in 2007. With Angel Court now past the half way mark, the building is well on track to supply much-needed high quality space in the City in 2016.
