The REIT has entered into an option agreement with The City of London Corporation and will draw down a development agreement subject to securing revised planning consent on the sites.
Once the development has been completed, British Land will acquire a long leasehold interest in the sites, which could provide some 320,000 sq ft of office space as well as residential and retail space.
The three sites are two acres fronting onto Shoreditch High Street and Norton Folgate to the north of Spitalfields and the centre portion of the City of London market.
Tim Roberts, head of offices at British Land, said: “The Shoreditch Estate is a growing area of London and plays well to our planning and development skills. With much of our existing development programme completing over the next year, this site further adds to our pipeline. We remain positive about the outlook for development in London and expect this investment to generate good returns for our shareholders.”
Jones Lang LaSalle acted for British Land and the City of London Corporation was advised by Allsop.
Source: Sarah Stewart, Property Week