The owners of the St Botolph Building, EC3, have won a vital planning battle with an existing tenant which will help smooth the way for a giant letting to insurer Jardine Lloyd Thompson.
Jupiter Properties – Delancey and Area Property Partners’ special purpose vehicle, which acquired the building via its £202.6m buyout of Minerva last year – had sought to change around 2,000 sq ft at the ground floor of the building from retail to commercial office use.
The change of use is essential to install a new entrance to the office block, thought to have been a crucial condition for JLT, which wanted a separate entrance from existing occupiers Lockton, a rival insurance company, and law firm Clyde.
Lockton objected to the plans, arguing the loss of retail would have a negative impact on the area.
But City planners yesterday backed Jupiter’s plans, arguing that any letting to a major insurance occupier was critical to the future of the City.
The approval is expected to help pave the way for the letting to be completed.
JLT went under offer for 281,000 sq ft at the 500,000 sq ft building in March this year and finally agreed heads of terms subject to contract last month.
Clyde and Co occupies 136,000 sq ft and Lockton has 84,000 sq ft in the building.
JLT will pay around £45 per sq ft on a 15-year lease to occupy floors three to nine from mid 2013.
Jupiter Properties declined to comment.
jack.sidders@estatesgazette.com
