Plan would convert London offices into 1,500 apartments

Central business district is dominated by commercial space

National Weekend Edition /
May.May 01, 2021 12:00 PM
Adding 1,500 units would be a significant boost to the housing stock of the district, which has only about 8,000 residents. (iStock)
Adding 1,500 units would be a significant boost to the housing stock of the district, which has only about 8,000 residents. (iStock)

The City of London plans to convert empty office spaces into apartments over the next decade.

The City of London Corporation, the governing body for the roughly square-mile district at the center of the wider city of London, wants to create 1,500 apartments by 2030 under a plan released Tuesday, according to the New York Times.

The City of London sits on the north side of London Bridge and is the British capital’s central financial district. It is dominated by office towers and other commercial space.

Adding 1,500 units would be a significant boost to the housing stock of the district, which has only about 8,000 residents. The area has ample public transit, however, including several train stations.

London’s wider office market was hard hit by the coronavirus pandemic. Colliers International expects vacancy to peak this year and remain high into 2022. Availability rose 30 percent in 2020 through early December, according to Colliers.

New York officials are exploring similar conversions for New York City’s Financial District in lower Manhattan. Gov. Andrew Cuomo proposed encouraging residential conversions by easing zoning restrictions and offering tax-exempt financing in exchange for reserving a percentage of units as affordable. But state legislators offered their own conversion scheme and no agreement was reached, except for a modest budget allocation that awaits a plan.

The City of London has also considered offering cheap long-term office leases for tenants in creative industries.

[NYT] — Dennis Lynch


Related Articles

arrow_forward_ios
Bardas Investment Group founder David Simon and the site of the project. (Google Maps, Bardas, Getty)
Bardas Investment plans production studio at former Sears
Bardas Investment plans production studio at former Sears
Relevant Group’s Grant King and Richard Heyman with the Thompson and Tommie hotels (Relevant Group)
Relevant Group lands “rescue” financing for 2 boutique hotel projects
Relevant Group lands “rescue” financing for 2 boutique hotel projects
Judge David O. Carter (Getty)
Judge orders city, county to house Skid Row residents by fall
Judge orders city, county to house Skid Row residents by fall
Tesla's new property is 82,000 square feet. (Getty, Daum Commercial)
Tesla inks big lease on office/warehouse in Santa Monica
Tesla inks big lease on office/warehouse in Santa Monica
(Getty, iStock)
LA’s office market hasn’t even started to recover
LA’s office market hasn’t even started to recover
Mark Zuckerberg and his wife Priscilla Chan (Getty, iStock)
Mark Zuckerberg, wife fund program for South LA landlords
Mark Zuckerberg, wife fund program for South LA landlords
Rendering of 2045 E. Violet Street (Rios via Urbanize)
Major office complex proposed for Arts District
Major office complex proposed for Arts District
Cinerama Dome in Hollywood (Getty)
ArcLight Cinemas says it’s The End
ArcLight Cinemas says it’s The End
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...