Tower 42 estate invests £50m in refurbishment programme to modernise retail and office offering

By James Wallace - Tuesday, May 08, 2018 12:46

The Tower 42 Estate has invested £50m in 77,000 sq ft of new retail and offices for the City of London.

The new quarter, designed around a retail boulevard known as The Avenue, will provide new retail premises, pedestrian boulevards, new public artwork by artist William Ketteridge and new office premises.

The Avenue is a newly-created pedestrian walkway which wraps around Tower 42, connecting Old Broad Street to Bishopsgate, and bordered by modern retail units, Marks & Spencer, PAUL, Joe & the Juice, Scarpetta, Broadleaf, Vital Ingredient, Ted’s Grooming & Windsor Flowers.

“The City is crying out for more quality retail space,” said Philip Lewis, from the Tower 42 Estate. “The Avenue responds to this and provides the occupiers on the Estate and in the surrounding area with modern amenities. There are more than 4,000 people working here on the estate so the new retail has a ready-made on-site catchment of customers, which is further enhanced by other offices and businesses nearby.”

Tower 42 offers short-term leases for three years or less at £65 per sq ft.

“Affordable office space, world class retail and leisure amenities, along with the arrival of Crossrail in 2019, will reinforce Liverpool Street’s position as the epicentre of London’s business community,” says Lewis.

Over the last two and a half years the Tower 42 Estate has undertaken a modernisation and expansion programme. The Estate now comprises six buildings, including new and refurbished properties. Tower 42 originally opened in the mid-1980s as the NatWest Tower, designed by the British architect Richard Seifert. At 182, Tower 42 was Britain’s first skyscraper and held the title of the tallest building in the City for 30 years.

In total, the Tower 42 Estate has 500,000 sq ft of offices, retail and leisure accommodation. Alongside Tower 42, which provides 320,000 sq ft of flexible offices over 42 upper levels, is 15 Bishopsgate, the estate’s newest Grade A office building. Comprising 56,000 sq ft, the newly opened 15 Bishopsgate was pre-let to WeWork. It is now home to 1,000 people.

James Wallace is a freelance consultant and can be reached via Linkedin or email: jawallace32@gmail.com

 

 

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