The building represents a total investment of £850m and secures 5,000 construction jobs, which will be created over the next 5 years, along with the associated economic activity and growth.
Chris Grigg, British Land Chief Executive said: "I am delighted by the decision as it allows Broadgate to continue to evolve as a sustainable and flexible office location that will meet the future needs of occupiers whilst maintaining the sense of space and place for which it is rightly renowned around the globe. With the decision made today by Jeremy Hunt, the Government has also sent out a message loud and clear to the world that the UK is 'open for business'."
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The City of London Planning Committee resolved to grant planning permission for a new world class office building for financial services firm UBS at 5 Broadgate in April. The new 700,000 sq ft (66,890 sq m) building includes four trading floors capable of accommodating approximately 750 traders per floor. 5 Broadgate will allow UBS to bring together its trading operation into one building in the City.
This new building also represents a further stage in the successful evolution of the Broadgate office estate enabling it to meet both the current and future needs of existing and potential occupiers for attractive, flexible and sustainable environments for their employees. The retention of one of the world's leading investment banks in the heart of the City of London reinforces London's status as a world class financial centre.
Designed by leading architectural practice Make, 5 Broadgate will meet the highest standards of sustainability in terms of its energy performance, including the largest array of solar panels on a commercial building in London, rain water harvesting, green roof and cycling facilities.
(CD/BMcC)
