The future of Make’s high-rise 46,450m² London Wall Place project is looking increasingly uncertain after the site was put back on the market
Approved by planners in June last year, the contentious scheme was drawn up for developer Hammerson which has now withdrawn from the office market and has dropped its option for the key plot near the Barbican.
Yesterday the City of London Corporation said it had asked Jones Lang LaSalle to market the so-called St Alphage House development ‘for sale on a long lease’.
The news came as a Hammerson struck a deal to sell off most of its office portfolio to Brookfield Office Properties for £518million.
Among the major sites sold to Brookfield is Foster + Partners’ unbuilt Principal Place scheme - a mixed-use development formerly known as Bishops Place on the eastern fringe of the City of London which even until recently Hammerson had been looking to bring forward.
In Februrary the developer even submitted plans to increase the commercial floor area of the scheme by around 800m² (new visuals below).
The completed buildings off-loaded by Hammerosn together with the recently refurbished 99 Bishopsgate and125 Old Broad Street.
Hammerson’s portfolio is now 97 per cent retail and the proceeds of these sales will be used for further retail developments and acquisitions.
Chief executive David Atkins said: ‘I am confident that at this point in the cycle we can reinvest successfully to increase scale in our three chosen areas of prime shopping centres, convenient retail parks and premium designer outlets.’