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Bloomberg’s City construction plans revealed

By James Buckley - Thursday, October 25, 2012 13:48

Main news image
Construction work on Bloomberg’s 662,755 sq ft new City of London home will complete on 26 February 2016, according to a company document seen by CoStar News, with all circa 2,500 employees taking occupation by the end of that year.

The document detailing Bloomberg’s construction schedule for Bloomberg Place, EC4, lays out a detailed timetable from initial piling works, which have already begun, through to the eventual migration of all of the media giant’s staff from City Gate House on 23 February 2016.

Bloomberg also overcame a potential stumbling block to its development plans this week, when the City Corporation ruled that it had satisfied a condition to its March planning consent stipulating that Bloomberg must have a robust scheme in place protecting neighbours from construction noise.

Some local residents had previously voiced opposition to the major Foster & Partners-designed scheme, labelling it a “bulky impenetrable mass”.

The construction timetable also states that construction on the concrete cores and basement will begin on 4 February 2012 and complete on 7 February 2014. Construction on the steel frame and floors of the South Building will begin on 3 June 2013 and end on 28 February 2014; while construction work on the steel frame and floors of the North Building will start on 16 September 2013 and complete on 1 August 2014.

Construction of the roof envelopes of the North and South buildings will complete on 20 March 2015.

External building works will complete 26 February 2016, and Bloomberg will begin moving its staff into the development on 19 September 2016.

Planners at the City of London Corporation gave planning consent to Bloomberg Place on 20 March. Plans for the 10-storey scheme replaced the consented Walbrook Square development, which won planning permission in December 2007.

The two-building scheme will be restricted to 10 storeys as a result of height limitations imposed by a St Paul's viewing corridor. The larger office block will comprise 407,985 sq ft of office space, and will house all of Bloomberg’s London operations. It will also include an 18,913 sq ft retail arcade lined with restaurants and shops which Bloomberg says will become a “dining and retail hub in this part of the City”.

The second building will comprise 224,954 sq ft of office space, and will be developed speculatively for Bloomberg for its eventual occupation, but subleased initially. It will also contain 10,903 sq ft of retail.

The two buildings that form the 169ft-high development will be linked by bridges at floors 2, 4 and 6. As part of the Bloomberg Place scheme, the 1960s reconstruction of the Temple of Mithras is to be re-sited “as close as possible” to its original location within the development site.

As part of the plans for the three-acre site, which is bounded by Queen Victoria Street, Bucklersbury, Walbrook, Cannon Street and Queen Street, Bloomberg will create a new entrance to Bank station.

Bloomberg will pay a £692,930 Section 106 tariff, which includes £102,900 for public transport improvements.

The 2.8m Crossrail contribution will now be reduced by 20%, a concession which was previously offered as an incentive to Bloomberg to begin construction before 31 March 2013.

Stanhope is the development manager; DP9 advises on planning; BNP Paribas Real Estate acts for Bloomberg.

Bloomberg could not be reached for comment.

jbuckley@costar.co.uk