Joint venture partners Oxford Properties Group and Hines have secured planning consent for the redevelopment of King Edward Court in Paternoster Square in the City of London.
The building will be comprehensively refurbished and extended to create a state-of-the-art, sustainably developed and smart technology-enabled workplace and global headquarters for the London Stock Exchange Group (LSEG), which signed a long-term lease for the entire property at the end of last year.
Designed by Carter Gregson Grey Architects, the project includes the refurbishment of the 245,000 sq ft building, with the ground floor reconfigured to allow for visitors to celebrate activities such as the London Stock Exchange’s market open and close ceremonies.
The project will also see the building’s amenity provision upgraded, with landscaped balconies and terraces added to the upper floors and the sixth floor roof space transformed through the addition of a single and a double storey pavilion, as well as an extensive roof terrace.
More than 95% of the building’s existing structural frame and façade will be retained and the joint venture partners are targeting BREEAM Excellent, EPC A and NABERS 5* ratings for the redevelopment. Construction is due to commence in early 2027 with completion expected in early 2029.
Robin Everall, head of development (Europe) at Oxford Properties, said: “This planning consent marks an important milestone in the redevelopment of 10 Paternoster Square into a state-of-the-art global headquarters for one of the City’s most important institutions. It supports our long term conviction in Grade A London offices and demonstrates both our team’s deep sector expertise and ability to deliver high quality office space in the City.
“The approved plans will allow the public to learn about and celebrate the history of the London Stock Exchange and provide LSEG with a modern, highly sustainable workspace. We want to thank the City of London for their collaborative approach to the process so far and look forward to working with them throughout the next stages of this exciting project.”
Tom Sleigh, chairman of the City of London Corporation planning and transportation committee, added: “The transformation of King Edward Court will deliver a world class headquarters for LSEG, enhance public access at ground level and reinforce Paternoster Square as a vibrant destination at the heart of the Square Mile. It reflects the City of London Corporation’s commitment to supporting high quality, sustainable development that respects the City’s unique heritage while meeting the needs of a modern, global economy. We look forward to seeing this landmark building sensitively renewed for the next generation.”
Newmark acted as planning consultant to Oxford and Hines.
