Singapore’s Hoi Hup Wins Approval for Central London Office Complex

Singapore-based Hoi Hup Realty has won approval for an office-led redevelopment aiming to deliver 370,000 square feet (34,374 square metres) of workspace near the City of London.

The City of London Corporation granted planning consent for the project comprising three buildings on a 1.4 acre (0.6 hectare) island site, family-owned Hoi Hup said Wednesday in a release. Known as High Holborn, the development is led by local construction firm Gleeds, working alongside Make Architects, leasing advisor Savills and planning consultant Newmark.

Hoi Hup spent four years assembling the site near the northwest corner of the City through a series of acquisitions totalling 250,000 square feet of underperforming office space, including the 2018 purchases of the 44 Southampton Buildings office complex and the 322 High Holborn mixed-use building.

“This milestone is the result of extensive consultation and collaboration and we’re incredibly grateful to the City of London Corporation for enabling our maiden scheme to take this positive step forward today,” said Hoi Hup chairman Wong Swee Chun. “With our global expertise, we are confident this scheme will become a benchmark for quality, sustainability and community contribution in Central London.”

Western Gateway

The High Holborn site lies next to Chancery Lane underground station and is viewed as a gateway for western development of the City of London, nicknamed the Square Mile.

In addition to Grade A offices, the 10-storey project will include a venue space called the Holborn Dome, a public pocket park at Southampton Buildings and enhanced ground-floor amenities, Hoi Hup said. The development will use smart systems and low-carbon materials for sustainability and set aside affordable workspace for creative industries at 50 percent of market rent.

The City of London Corporation said it voted overwhelmingly to approve the project, commending the proposed design and collaborative relationship with Hoi Hup.

“This is exactly the kind of scheme we want to see more of in the Square Mile — best-in-class office space that keeps London globally competitive, while also delivering public spaces that everyone can enjoy,” said Tom Sleigh, chairman of the City of London Corporation’s planning and transportation committee.

Developers Drawn In

Hoi Hup’s announcement comes less than two months after Japanese property giant Mitsubishi Estate began construction of two wholly owned London office projects with a combined development cost of JPY 248 billion ($1.7 billion).

Those projects involve the redevelopment of the former ITV head office and studios on London’s Southbank for JPY 160 billion and the large-scale renovation of Mitsubishi Estate’s already-owned building at 1 Victoria Street in Westminster for JPY 88 billion.

The 1 Victoria Street project, with an expected gross internal area of 65,700 square metres (707,189 square feet), and the 91,200 square metre Southbank redevelopment, known as 72 Upper Ground, are scheduled to be completed in 2028 and 2029, respectively.

Near the City of London, Australia’s Lendlease in March welcomed two Japanese investors into a $950 million office development overlooking Moorgate station west of Finsbury Circus. Sotetsu Urban Creates and Yasuda Real Estate took a combined 20 percent stake in the 53,000 square metre 21 Moorfields, which is fully let to Deutsche Bank on a 25-year lease.