Japanese property giant Mitsubishi Estates Company has submitted plans for a major office scheme in the City of London.
The company hopes to build a nine-storey building at River Plate House, 7-11 Finsbury Circus, EC2, behind a partially retained façade.
The development will include eight floors of offices space with options for two retail units or a gym at ground floor level and a roof garden above. The total scheme incorporates 170,000 sq ft of net internal area.
According to planning documents submitted to the City of London, the proposals include the “substantial demolition of the existing building, and rebuilding behind a partially retained frontage on South Place and new frontages on Finsbury Circus and South Place Mews.”
The existing building was completed by Hammerson in 1988.
A spokesman for MEC in London said: “MEC has submitted a planning application for a 170,000 sq ft net internal area office-led scheme with ancillary retail for River Plate House, 7-11 Finsbury Circus, London, EC2, which MEC acquired in 2007.
“The architect for the project is Wilkinson Eyre. Gerald Eve is the planning adviser and DTZ is advising on letting. MEC is currently also looking to acquire further development opportunities in both the City and West End.”
Mitzuho Corporate Bank took a prelet for the entire building on a 25-year lease due to expire next year.
Mitsubishi bought the building from fellow Japanese company Meji Yashuda in 2007 for close to £110m, a 5.5% yield.
jack.sidders@estatesgazette.com
