Cannon place development ignites redevelopment at station

January 7th 2010

Network Rail, the owner and operator of Britain’s railway infrastructure and Hines, the international property developer today release new images of their Cannon Place development at London’s Cannon Street station.

During challenging times for the commercial property sector Cannon Place bucks the trend and will be one of only two new office developments to open in the City of London in 2011.

Work continues apace to construct an eight-storey, 400,000 sq ft office building above a new railway concourse and tube station entrance. The development will transform the station. It will be brighter, easier to use and more spacious and open than the old one, while the building above is architecturally striking, bringing a presence to the site that heralds its significance as a centre for commerce.

Improvement to the station is sorely needed – it is amongst the top ten busiest in the country, serving 95,000 City workers each day. The previous 12-storey tower had outgrown its usefulness and Network Rail and Hines have used the opportunity to develop a cutting-edge new office complex which leverages private sector capital to fund a station revamp.

Patrick Butcher, group finance director, Network Rail said: “Millions of people use our stations every week so they are perfect for offices, homes and retail space. Our partnership with Hines illustrates how the value of our estate has remained resilient despite the economic difficulties of the last couple of years.

“The result of this partnership will be a great new station for passengers and a major new office development in the heart of the City of London in 2011.”

Mark Swetman, project director, Hines said: “The recession won’t stop Cannon Place becoming a landmark once again. Its design will make it one of the best new office spaces in the City and its location puts it at the heart of the action. This development is a great opportunity to add value to the City.”

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