The City of London Corporation has approved a 400,000 sq ft City office block known as the Butterfly.
Proposals for 1 Portsoken Street, E1, were submitted in March by Portsoken Investment – a joint venture between Chinese conglomerate Fosun, former US secretary of the treasury John Snow, chairman of Silverfin Development Mike Ryan, and James Lapushner, the former head of Morgan Stanley Real Estate’s investing business in Germany and the founder of Anacott Capital.
Designed by SPPARC Architecture, the Butterfly will see the existing 1980s blue glass-clad Lloyds Chambers office replaced by a building of more than twice its size whilst maintaining its current height.
Plans for the office block include 35,000 sq ft of shops and upgraded public realm. It is expected to be delivered by 2021. CBRE and GM Real Estate have been appointed as leasing agents.
Transport for London had objected to the scheme on the grounds that the location of an off-street service yard for vehicle access had not yet been agreed.
However, the plans were approved this morning by the City of London’s planning and transportation committee.
The joint venture partnership bought the 193,450 sq ft building in 2013 for £64.5m. It is let to Aon at an annual passing rent of £7.1m but the insurer is no longer in occupation, having moved to the Leadenhall Building, EC3.
• To send feedback, email louisa.clarence-smith@estatesgazette.com or tweet @LouisaClarence or @estatesgazette
