Buildington
Open database of new property developments & buildings in London, UK.
12 New Fetter Lane

12 New Fetter Lane

June 2019
View to 12 New Fetter Lane from Fetter Lane.

View to 12 New Fetter Lane from Fetter Lane.

June 2019
Entrance to 12 New Fetter Lane on the corner of Breeam's Buildings and New Fetter Lane.

Entrance to 12 New Fetter Lane on the corner of Breeam's Buildings and New Fetter Lane.

June 2019
View to 12 New Fetter Lane from Breeam's Buildings

View to 12 New Fetter Lane from Breeam's Buildings

June 2019
12 New Fetter Lane

12 New Fetter Lane

June 2019
12 New Fetter Lane building designed by Flanagan Lawrence.

12 New Fetter Lane building designed by Flanagan Lawrence.

June 2019
12 New Fetter Lane under construction.

12 New Fetter Lane under construction.

27. October 2014
12 New Fetter Lane

12 New Fetter Lane

27. October 2014
12 New Fetter Lane development in October 2014

12 New Fetter Lane development in October 2014

27. October 2014
12-14 Fetter Lane in October 2013.

12-14 Fetter Lane in October 2013.

5. October 2013
12-14 Fetter Lane in October 2013.

12-14 Fetter Lane in October 2013.

5. October 2013
12-14 Fetter Lane in October 2013.

12-14 Fetter Lane in October 2013.

5. October 2013
12-14 Fetter Lane development in October 2013.

12-14 Fetter Lane development in October 2013.

5. October 2013
View to the building in the corner of Fetter Lane and New Fetter Lane.

View to the building in the corner of Fetter Lane and New Fetter Lane.

June 15, 2011
View to the old building from New Fetter Lane

View to the old building from New Fetter Lane

June 15, 2011
View to the old building from New Fetter Lane

View to the old building from New Fetter Lane

June 15, 2011
View to the old building from Fetter Lane

View to the old building from Fetter Lane

June 15, 2011

12 New Fetter Lane

Address:
12-14 New Fetter Lane, London EC4A 1AG
Type:
Commercial
Completion:
2015
Area:
142,500 sq ft
Viewed:
17672

Description of 12 New Fetter Lane

12 New Fetter Lane is a 13-storey office building in London EC4.

The scheme incorporates:
- 20,359 m² (219,145 sq ft) GEA of development
- 322 m² (3,460 sq ft) GEA of retail space at ground floor level
- a single basement level providing plant, storage and bicycle storage space.
- the proposed pedestrianisation of part of Plough Place, creating a new landscaped urban space whilst improving the pedestrian and the active retail frontages.

Sustainability is a principal design consideration of the project. The building encompasses a broad range of sustainable responses, which will contribute to the environmental performance of the project - a substantial reduction in carbon dioxide emissions as compared to the current Building Regulations (2010) and a target BREEAM rating of ‘Excellent'.

2015 Autumn - The development is completed. The new building was fully pre-let to Bird & Bird LLP.

Source: bfls-london.com

Connected Companies

Architect:
Property Manager:

News: (5)

Great Portland Estates has exchanged contracts to sell its 151 year leasehold interest in 12/14 New Fetter Lane, EC4 to TIAA Henderson Real Estate for a price of £165.8m, reflecting a yield of 4.5%.

The 142,500 sq. ft. office development is under construction with practical completion (“PC”) expected in Q4 2015. The scheme is fully pre-let to Bird & Bird LLP (“Bird & Bird”) for 20.25 years from PC. Bird & Bird’s gross rent is £8.28m per annum (subject to final measurement on PC) which reflects £58.11 per sq. ft. overall and £64.50 per sq. ft. on the best space.

TH Real Estate will acquire the site from GPE, subject only to freeholder City Corporation’s consent, and will thereafter fund all development costs up to a maximum of £165.8m. The site price will be £92.8m assuming completion at 1 December 2014, which is £12.4m (15.5%) ahead of GPE’s March 2014 valuation, adjusted for capital expenditure. TH Real Estate will receive a deduction from the final price in lieu of interest on their capital outlay until PC at a rate of 4.5% pa. Based on the current cost and programme, GPE will also receive a final payment of £5.1m on PC.

Toby Courtauld said, "This sale continues our strategy of recycling capital out of assets, where we have created significant value and back into our exciting 2.2m sq. ft. development programme. 12/14 New Fetter Lane has been an exceptional project for us. Having secured an attractive planning permission, re-geared the headlease with the City Corporation and fully pre-let the building, this sale crystallises a return on capital since committing to the scheme of 82.7% and an unlevered IRR of 55.1%.”

Anthony Butler, TH Real Estate, commented: “This acquisition is in-line with our investment programme in Europe. We are extremely pleased to enter this partnership with one of the UK’s best developers.”

Source: GPE gpe.co.uk

10/11/2014 20:44 by Buildington

New photos of 12 New Fetter Lane!

27/10/2014 23:33 by Buildington

New photos!

06/10/2013 00:14 by Buildington

Great Portland Estates plc (GPE), in conjunction with the City of London Corporation, announces that it has pre-let 142,500 sq. ft. in its development at 12/14 New Fetter Lane, EC4 to top 20 international law firm Bird & Bird.

Bird & Bird has agreed to lease all of the 12 storey office building with an option to hand back up to 25,900 sq. ft. up to six months prior to practical completion. Bird & Bird will take four 20.25 year leases, without break, paying an initial rent of £8,279,000 per annum, equating to an average of £58.80 per sq. ft. for the office space. Bird & Bird will receive 7 months rent free from lease commencement, and GPE will provide £20.6m in cash in four equal quarterly instalments from lease completion to cover fitting out and other costs.

12/14 New Fetter Lane is held on a 154 year lease from the City Corporation at a 6% ground rent. GPE will commence demolition of the existing buildings on the site this summer with practical completion scheduled for late 2015.

Toby Courtauld, Chief Executive of GPE, said “We are delighted to welcome Bird & Bird to the latest GPE development. We are looking forward to working with their team to create for them a world class London headquarters in this outstanding building.”

David Kerr, Chief Executive Officer of Bird & Bird, said “This is a hugely positive step for the firm which will bring numerous benefits. The new site will provide a more modern and comfortable environment for our people in London, allowing for greater integration and collaboration between our staff and partners across the world. Most importantly, the building will also offer a significantly improved client reception, hospitality and meeting space and will give us the opportunity to offer a range of facilities to our visiting clients. The arrangements enable us to make the move with minimal double overheads. We feel the move reflects the firm’s position as one of London’s fastest growing law firms and provides room for our continued growth, reflecting our confidence in the future and we are delighted to have teamed up with Great Portland Estates to deliver it.”

Michael Cassidy, Chairman of the City’s Property Investment Board, said “The City of London Corporation is delighted to be involved in this significant office development with Great Portland Estates in an increasingly vibrant part of the City. This area will continue to attract leading international companies of the calibre of Bird & Bird. This pre-let is again a positive signal that the City continues to attract major international institutions and remains a hub for major law firms. We will work alongside GPE and Bird & Bird to ensure that this site provides first class office space in the heart of London.”

Source: GPE www.gpe.co.uk 20.05.203

20/05/2013 13:36 by Buildington

New development of 15-storey office building at 12 - 14 New Fetter Lane and 43 Fetter Lane.

18/06/2011 20:09 by Buildington

*DISCLAIMER! Information on this page is for guidance only and remains subject to change. Buildington does not sell or let this property. For more information about this property please register your interest on the original website or get in touch with the Connected Companies.

New London developments on Buildington - monthly update

Buildings