The owner of a tired office building in London’s Farringdon is set to redevelop the block as short-term holiday lets after its agent said the site was now unlettable for its original purpose.
56 Long Lane, EC1, is opposite the Barbican exit to the Farringdon Elizabeth Line station and Smithfield Market. The vacant four-storey building has a shop on the ground floor and office space above.
Owner JMPK now has permission from the City of London Corporation for a change on use across the upper floors from offices to holiday lets, with one flat per floor, as well as a fourth-floor mansard roof extension, external alterations and other works.
In a planning statement for the project, DLA Town Planning said the change would chime with the City Corporation’s Destination City programme, aimed at boosting leisure and tourist activity in the Square Mile.
DLA added: “The building has not made a contribution to the City’s office floorspace for many years and its potential to make a contribution in the future is limited.”
A report to the owner from Harry Murphy at agency Situu, lodged alongside the application, said: “Regrettably, after successfully leasing countless small offices within this local area, I write to convey our conclusion that we no longer believe the offices at 56 Long Lane are lettable, even once refurbished, and for this reason it is time for you to re-evaluate your approach for the building.”
Murphy, who specialises in the City fringe submarket, said in the report that disjointed floor plates, no amenities and a lack of meeting rooms were just some of the “notable” shortcomings of the site. Added to those, he said, are “seismic shifts” in the market, including in working practices for the kinds of small businesses that would once have taken this space.
“We believe you may struggle to secure a viewing, never mind a letting or lettings,” Murphy wrote. “In previous years, the office floors within your building would be let within a reasonable time frame. Interest would also arise from those seeking a ‘headquarters’ office building, but neither of these markets are there anymore and nor do we see them coming back.”
Approving the change of use, City Corporation planning officer Emma Barral said: “The submitted marketing evidence clearly demonstrates that the existing office use is not viable for modern office floorspace. As such, the proposal would support the primary business function and cultural role of the City and would not compromise the potential for future business growth.”
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