Hines completes Cannon Place

Posted on by John Cronin

International property developer Hines has completed its Cannon Place development in City of London.

Cannon PlaceThe landmark Cannon Place building (pictured – website) offers approximately 400,000 sq ft of prime office space and incorporates the redevelopment of Cannon Street station.

The multi-million pound, city office scheme is a joint venture with Network Rail and London Underground. The station, one of the busiest in London, serves 27m passengers a year.

The modern glass and steel building replaces two office blocks that Hines purchased in 2002. The speculative scheme offers eight floors of Grade A office space with floor plates ranging from 45,250 sq ft to 49,765 sq ft. It is estimated that the offices can accommodate about 4,000 staff. Floors are predominately column free and are considered ideal for trading floor use.  The building has achieved a BREEAM rating of ‘Very Good’.

Hines are expected the scheme to be multi-let and market reports suggest a rental price of around £57 / sq ft is being sought. Cannon Place will be competing for potential tenants with the nearby 445,000 sq ft Walbrook office scheme that has remained empty since completion last year.

Commenting on the Cannon Place development Mark Swetman, project director for Hines said: “We are incredibly proud of this building, which we believe complements its illustrious surroundings.  Our vision was to create a landmark office development tailored to today’s exacting occupier requirements, but which also enhances the urban fabric of the City of London”.

Elsewhere in London, Hines is constructing a speculative Midtown-based office scheme known as 280 High Holborn.

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