Gotham city is well known as a fictional American city, home to well know DC comic
character, Batman. Is it coincidence or clever marketing that a new ‘batman style’ neo-gothic sky scraper complex will start
construction in London, at the same time as the new blockbuster release?
Planning permission for the site is approved and the build is due to commence in 2015 providing pre let targets are met. London’s skyline will be transformed again but the new building won’t be out of place as the city is already compared to a fantasy city by some in terms of its history, attractions and looming towers.
The complex will comprise 10 vertical slices ranging in heights and become London’s 13th highest building. It will reach 538 FT high, just ten metres shorter than the nearby Gherkin.
It will be based in London’s financial district providing an additional 890,000 SQ FT of office space and 20,000 SQ FT of shops. Our team normally advises 100 SQ FT per person for office space, which means it could be a business haven for up to 8,500 workers.
Before construction can commence, a pre-let target of 30% needs
to be met – a controversial subject for today’s investors, as explained in EC Harris’ report ‘London Office Development Pipeline: The challenge ahead.’ The built asset consultancy’s report focuses on the vast amount of proposed construction in the pipelines, and whether they are economically viable in today’s market.
The report suggests 53 million SQ FT is due to be completed by 2016 but only 37 million will actually be delivered on time due to ‘diminishing tenant optimisation and tighter funding markets’.
So the question is, will tenants be optimistic enough to make the pre-let targets for Gotham City to allow for its 2019 completion date?« Back to News & Blog