Mitsui Fudosan Co., Ltd., a leading global real estate company headquartered in Tokyo, today confirmed its commitment to the development of the British Library Extension, London, including significant new commercial spaces primarily targeting occupiers in the life sciences sector and extensive public access on land owned by the Library to the north of the existing Grade 1 building. The investment will be around £1.1billion.
Under the terms of the agreement, the British Library will grant a long lease of the land to SMBL (the Library’s Development Partner and wholly owned by Mitsui Fudosan), with Stanhope retained as the Development Manager for the transformational scheme.
Savills together with JLL are SMBL’s appointed agents and development advisors.
David Williams, Executive Director at Savills UK Limited, comments: “Savills is very pleased to be working with our clients Mitsui Fudosan UK and Stanhope on this exceptional new development. Underwritten by the British Library’s part occupancy, we believe the British Library Extension will rightly become acknowledged as the best located commercial and Life Sciences headquarters facility in Europe.
“It takes an especially visionary team to deliver a project of this scale. Our congratulations to Mitsui Fudosan and Stanhope on their achievement to date; we are absolutely delighted to be immersed in the scheme’s undeniable success.”
Read the full press release here