The second tallest building in Western Europe is set for the City, as Linklaters and DLA Piper picked up key real estate mandates advising on the new skyscraper.
Second only to the Shard in height in London, 1 Undershaft – nicknamed ‘The Trellis’ due to its distinctive crosshatched design – will be the tallest building in the City of London at 73 storeys and more than 300 metres.
Linklaters advised on all aspects of the planning application by Singapore-based developers Aroland Holdings. Real estate planning partner David Watkins led the deal for Linklaters. DLA partner Ian Brierley advised Aroland Holdings on other mainstream real estate issues.
Linklaters’ Watkins told Legal Business: ‘It is certainly an exciting deal. It will become the apex of the cluster of tall buildings in the City. It helps to show business as usual for the City and speaks volumes that foreign investors are willing to invest in London.’
The new building to be built on the site of the Aviva Tower, which will be demolished, and is due to be completed at some point in the 2020s. Planning permission approval was granted this week by the planning and transport committee of the City of London Corporation.
The building will provide 130,000 sq metres of office accommodation and 2,000 sq metres of retail space, housing up to 10,000 workers.
The original design would have seen 1 Undershaft come to the same size as the Shard, however the overall height was reduced by planning restrictions on London’s airspace. It will overlook other distinct buildings in the City, including the Gherkin and 122 Leadenhall Street.
The deal for the building does not yet have a clear value, however other major skyscrapers in London have topped £400m. The Shard was valued at £435m with a height of 309 metres, just above 1 Undershaft’s 304.6 metres tall.
The new 233 metre development for Landmark Pinnacle at Canary Wharf is set to cost £320m, with financing by City Pride advised by Taylor Wessing, while 122 Leadenhall Street, known as ‘The Cheesegrater, came to £286m.
matthew.field@legalease.co.uk