Plans by British Land Co. PLC and private-equity firm Blackstone Group LP to develop a new U.K. headquarters in London's financial district for Swiss bank UBS AG were dealt a blow Friday when an architectural watchdog recommended the existing site for protected status.
English Heritage said it had advised the U.K. government that the Broadgate office complex in the City be given 'listed' status because it possesses special architectural and historic interest, potentially throwing the development into disarray.
The architectural watchdog said that Broadgate Square should be protected as it is one of the most important and successful developments of its period and type, and that the buildings provide richness of material and quality of design.
U.K. Culture Secretary Jeremy Hunt has the final decision on whether to list Broadgate because Tourism and Heritage Minister John Penrose has a potential conflict of interest due to his wife's position as non-executive director of British Land.
The Department of Culture, Media and Sport said it hoped to announce a decision in around two months after reviewing submissions from interested parties, including British Land, the local authority and any other stakeholders.
English Heritage recommended that Broadgate be given Grade II status, which designates particularly important buildings of more than special interest. Only 5.5% of listed buildings fall into that category.
Broadgate would be the first major building of its era—it opened in 1985— to attain listed status, as it is not standard practice to protect buildings under 30 years old, but exceptions can be made if a site is under threat.
Source: Wall Street Journal June 3, 2011