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Sat September 19 2020

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Amazon deal gives green light to Principal Place construction

12 Sep 14 Construction is set to start this month on the Principal Place development in London after online retailer Amazon agreed to move in on completion.

Principal Place is a £300m mixed-use development designed by Foster & Partners on Norton Folgate, between Liverpool Street and Shoreditch High Street stations. It comprises a 625,000 sq ft, 15-storey office building with an adjacent residential tower block.

Amazon has signed a deal with developer Brookfield Property Partners to take 431,000 sq ft of office space in 2017, following the development’s anticipated completion in 2016.

Brookfield took over the site in 2012 when it bought a portfolio of properties from Hammerson. Main contractor for the project is Brookfield Multiplex.

Mayor of London Boris Johnson said: “Our city is the perfect home for top tech talent and I am very pleased that Amazon have confirmed their intention to create thousands of new jobs at a major new base in east London. We are proving time and again that we have the right places and people to support this vibrant sector.”

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Martin Jepson, president and COO of Brookfield Property Partners’ European Office Division said: “Over the last few years Brookfield has made a significant investment in London and this agreement with Amazon continues the momentum that Brookfield has generated in London. When combined with our adjoining residential tower which we are planning to start early in the New Year, Principal Place is destined to become the ‘go to’ link between the City and the media-tech sector in Hackney and Shoreditch. We are delighted to have signed a lease agreement with such a prestigious anchor tenant and we can now turn our attentions to moving the development forward.”

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