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Market News

29th Jul 2016

City of the Butterfly

A new office block has been approved by the City of London Corporation. The development has been named the ‘Butterfly’. It is to consist of 400,000 sq ft of office space.

The building itself will be officially 1 Portsoken Street, E1. The proposals were submitted in March by Portsoken investment – a joint venture between Chinese conglomerate Fosun, former US secretary of the treasury John Snow, chairman of Silverfin Development Mike Ryan, and James Lapushner, the former head of Morgan Stanley Real Estate’s investing business in Germany and the founder of Anacott Capital.

The Butterfly office block was designed by SPPARC Architecture. The design will use the existing 1980’s blue glass-clad Lloyds Chambers office replaced by a building of more than twice its size whilst maintaining current height.

Included in the office block are plans for 35,000 sq ft of shops and upgraded public realm. It is suspected to be complete by 2021. Transport of London has objected to the scheme on the ground that the location of an off-street service yard for vehicle access had not yet been agreed.

The joint venture partnership bought the 193,450 sq ft building in 2013 for £64.5m. It is let to Aon at an annual passing rent of £7.1m but the insurer is no longer in occupation, having moved to the Leadenhall Building, EC3.

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By Louise Beevis 
Source: EGI
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