The 250,000 square foot scheme will replace three existing buildings on the corner of Shoe Lane and Little New Street with cafes, restaurants and premium office space for London’s midtown market, the company said in a statement yesterday.
The site, renamed New Street Square, will be designed by Robin Partington Architects, who were also key designers behind 30 St Mary’s Axe, better known as the Gherkin.
Land Securities opened its city shopping centre One New Change, which overlooks St Paul’s Cathedral, last October.
Colette O’Shea, head of development for the firm’s London portfolio said: “New Street Square has become an important London location and has helped put Midtown on the map.
“1 New Street Square will be a natural extension to the area, making it even more attractive to potential occupiers.”
Work is expected to start in 2013 and completion is expected in 2016. Land Securities were unavailable to comment on the cost of the scheme last night.
Companies are flocking to renovate the area around St Paul’s cathedral.
Axa Real Estate partners last week submitted planning application for a similar commercial property scheme opposite St Paul’s Cathedral.
Some 60,000 sq ft of new office space, along with 20,000 sq ft for restaurants, is included within Axa’s plans.