Tower 42 estate launches new £50 million retail and office development

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The Tower 42 Estate has invested £50 million in 77,000sq ft of new retail and offices designed by architects Stiff + Trevillion – bringing major trading names, contemporary lifestyle brands and artwork to the City.

With approximately 4,300 occupiers and over 7,000 visitors daily, the freehold 2.2 acre Tower 42 Estate has launched the City of London’s newest retail space.

The Avenue is a newly-created pedestrian walkway bordered by modern retail units. It wraps around London’s original skyscraper, connecting Old Broad Street to Bishopsgate.

The new pedestrian walkway is lined with newly installed bronze sculptures by artist William Ketteridge, including the work Shadow Quartet, providing a new art installation for the City of London.

Lined with lifestyle outlets such as Joe & the Juice and authentic Italian restaurant Scarpetta, The Avenue is also home to a Marks & Spencer food hall, the PAUL restaurant at the base of Tower 42, Vital Ingredient healthy eatery, Ted’s Grooming salon, Windsor Flowers, a gastropub Broadleaf and a PAUL coffee and bakery kiosk.

“The City is crying out for more quality retail space,” says Philip Lewis, from the Tower 42 Estate. “The Avenue responds to this and provides the occupiers on the Estate and in the surrounding area with modern amenities.”

“There are more than 4,000 people working here on the Estate so the new retail has a ready-made on-site catchment of customers, which is further enhanced by other offices and businesses nearby.”

“The launch of our new £50 million retail quarter underlines our firm commitment to the City of London,”  Lewis adds.

Tower 42 offers short-term leases for three years or less giving flexible options to meet the demands of today’s tenants.

Not only is this arrangement more in keeping with modern working practices but office space in the City is good value at £65 per sq ft – half the cost of premises in Mayfair and Belgravia.

“Affordable office space, world class retail and leisure amenities, along with the arrival of Crossrail in 2019, will reinforce Liverpool Street’s position as the epicentre of London’s business community,” says Lewis.

In total Tower 42 Estate has 500,000sq ft of high quality office, retail and leisure accommodation. Alongside Tower 42, which provides 320,000sq ft of flexible offices over 42 upper levels, is 15 Bishopsgate, the estate’s newest Grade A office building.

Comprising 56,000 sq ft, the newly opened 15 Bishopsgate was pre-let to WeWork. It is now home to 1,000 people.

With only two columns per floor, this landmark building gives open-plan flexible working over four upper levels with an average floorplate of 10,000 sq ft – providing the optimum environment for the WeWork phenomena which is sweeping London.

The US company runs co-working serviced offices for both ambitious start-ups and established corporates. 15 Bishopsgate opened for business in December 2017 and also offers over 100 secure cycle parking spaces, luxury showers and changing rooms, plus car and motorbike parking underneath Tower 42.

It features landscaped terraces on the fourth and sixth floors which overlook the site for the UK’s latest skyscraper, TwentyTwo Bishopsgate. At 62 floors (278m) it is set to be the tallest tower in the City and will therefore boost footfall along Tower 42’s new retail Avenue, bringing an additional 12,000 workers to the immediate catchment.

Tower 42 was originally opened in the mid-1980s as the NatWest Tower, designed by the British-renowned architect Richard Seifert. At 182m it was Britain’s first skyscraper and held the title of the tallest building in the City for 30 years.

Over the last two and a half years the Tower 42 Estate has undertaken a modernisation and expansion programme. The Estate now comprises six buildings, including new and refurbished properties.

Tower 42 has had a rolling upgrade programme which recently included the £10m installation of new Otis lifts in the Tower which move at speeds of five metres a second.

The triple-height glass entrance lobby of Tower 42 will be refurbished with new flooring, ceilings, lighting and furniture.

The Tower has two high end restaurants, Jason Atherton’s City Social restaurant and bar on the 24th floor and Vertigo champagne and cocktail bar on the 42nd floor.

These luxury outlets compliment the PAUL restaurant at the base of the tower.

The remaining buildings within the estate provide employment for 650 people, and include: –

  • The five-floor 20 Old Broad Street which has office, retail space and the Plaza restaurant
  • The six-floor, office building, 30 Old Broad Street
  • The Grade I-listed neo-classical Gibson Hall, built in 1865 for banking executives, and used today for corporate functions, weddings and banquets
  • The private medical centre at 31 Old Broad Street – running outpatient services for London Bridge Hospital.

The recently-refurbished 15,200sq ft Bannatyne gym and health spa includes an aerobic floor with running machines and exercise mats; a weights/fitness floor, with a swimming pool, sauna and steam room complex. The health club has a wide selection of classes from running clubs and Pilates to Bodypump, Spin and Jui Jitsu.

Fountain Court is an Italianate Square in the centre of the estate. It’s a serene, sheltered outside space in the midst of the City – for those in need of a screen break.