British Land has announced plans for the construction of a new office development at 4-6 Broadgate in the City of London, worth an estimated £300m.
The building will be developed by Bluebutton Properties, a 50:50 joint venture between British Land and Blackstone Group.
It will allow British Land to retain UBS as the key tenant on the Broadgate Estate, which has break clauses in its existing lease from 2014.
British Land stressed that “there can be no certainty that a binding deal will be signed”, and said a further announcement would be made “in due course”.
The new plans are expected to involve the demolition of two existing UBS buildings, to be replaced by a single £300m development.
The Broadgate Estate, which is owned by Bluebotton, comprises 16 buildings covering 4.4 million sq ft of office, retail and leisure space.