British Land has announced plans to reposition Broadgate Tower, a 34-storey office building within its Broadgate campus in the City of London, ensuring it meets the highest sustainability standards while delivering modern office space.

The redevelopment will include a three-storey extension with a 6,200 sq ft terrace, alongside upgraded arrival areas, amenity floors, and new end-of-trip facilities such as cycle storage and showers. Tower floors will also be refurbished to align with the expectations of today’s occupiers. Additionally, Broadgate Plaza will be transformed into a green oasis, enhancing biodiversity and promoting workplace wellbeing.

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Set for completion in late 2026, the project comes amid a rising demand for premium office space, with leasing requirements at their highest since 2011 and a projected 5 million sq ft shortfall of new or substantially refurbished office space in the City over the next four years.

The scheme, which will deliver a gross yield on cost above 8% and a high-teen ungeared IRR, will be delivered by BAM at a total cost of £100 million (British Land share £50 million). Works will include a new pavilion, enhanced public realm, a redesigned reception, and the installation of an air source heat pump.

David Lockyer, Head of Development at British Land, commented: "British Land has an excellent track record of developing high quality, sustainable towers which meet the standards of modern-day occupiers.

"Following our commitment to deliver 2 Finsbury Avenue last year and recent leasing success across the Broadgate campus, this is another significant milestone for both the campus and the wider City as we deliver another office tower into a market where there is short supply of high quality, modern space but very high demand."