Tuesday 8 November 2011 8:25 pm

Hammerson to start on office tower in April

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ANGLO-FRENCH property developer Hammerson plans to begin construction on its £485m Principal Place office scheme in April next year after the group said it expected to sign its first pre-let deal before Christmas.

Hammerson said yesterday negotiations are progressing with law firm CMS Cameron McKenna to take up one-third of the 600,000 square feet of office space in the scheme near London’s Liverpool Street.

The development comes as economic uncertainty continues to dampen rental demand in the sector. Occupancy across Hammerson’s overall portfolio fell to 97.1 per cent in the third quarter from 97.2 per cent while retail occupancy fell from 97.2 to 96.9 per cent.