Mitsui Fudosan Purchases Land for the Mark Lane Development Plan (Tentative Name) as Part of Its Business Developing Office Buildings in London, U.K.
December 20, 2011
Mitsui Fudosan Co., Ltd.
Mitsui Fudosan Co., Ltd. (Head Office: 1-1, Nihonbashi-Muromachi 2-chome, Chuo-ku, Tokyo) announced today that its U.K. subsidiary, Mitsui Fudosan (U.K.) Ltd. (Representative: Hideto Yamada), has purchased land for the Mark Lane Development Plan (tentative name), which aims to develop an office building complex in the City of London.
The Mark Lane Development is in the insurance district of the City of London, which is home to the Lloyd’s insurance market among other insurance-related institutions, and has superb transportation links including easy access to Fenchurch Street station. This location is such that the terraces scheduled for construction on the upper floors of the building will offer a grand view of the River Thames and London Bridge.
The Mitsui Fudosan Group has been promoting its ongoing business of leasing offices from the 20 Old Bailey office building it owns in the City of London. In addition, the Group has formed a capital alliance with Stanhope plc, a prominent local real estate developer, to begin developing a series of new office complexes in the City of London, beginning with 5 Hanover Square which is scheduled for completion in the spring of 2012. This will be followed by the Moorgate Development Plan (tentative name) scheduled for completion in 2013 on land acquired in November 2011. The Mark Lane Development will be the third office building complex for Mitsui Fudosan to develop in the City of London.
The Mitsui Fudosan Group has been conducting business in Europe and North America, centered on the office buildings business. The Group now aims to globalize at an accelerated pace through business expansion and the replacement of its real estate portfolio with relevant assets. Apart from Europe and North America, the Mitsui Fudosan Group is also actively involved in developing retail properties, residential properties, multi-purpose developments and other projects in China and other parts of east Asia.
Plan Overview (Provisional)
||Mark Lane Development Plan (tentative name)
||8-70 Mark Lane, City of London
|Total site area
||17,907 sq ft (around 1,660 m2)
||Office, residential, retail
|Leased floor area
||Around 176,471 sq ft (around 16,361 m2)
||16 floors above ground and 1 below
||Start of demolition of the existing structure in July 2012
Start of the main construction work in January 2013
Scheduled for completion in the fall of 2014
Conceptual Image of the Completed Development