Climbing The Tower
| *Hayes Davidson and John Maclean* | I appear to have some explaining to do. This [cultural chap](http://www.brianmicklethwait.com/culture/) made [an aside](http://www.brianmicklethwait.com/culture/000941.shtml) about a [comment I made](http://www.samizdata.net/blog/archives/005389.html#041660) on a [post he made](http://www.samizdata.net/blog/archives/005389.html#005389) on Samizdata. (With me so far?) To summarise: he was delighted that [London Bridge Tower](http://www.londonbridgetower.com/index.html) (pictured) had gained planning permission and therefore was going to be built. I pointed out that just gaining planning permission isn’t enough to get something built. What did I mean by that?Well, there are a number of things a big office scheme needs to get built. The land? Check. The design? Check? The planning permission? Check. The money? Ah, well now. Office schemes like this are built as investments, the cost of their construction justified by the revenue stream generated through tenants leasing space in the building. At the moment, the Sellar Property Group has no tenants lined up for the building, which is a little out of the traditional office core for the City.
Sellar told our online news service that he needs 40 to 50% of the building prelet before he starts on site and even then, and the preparation work needed means that construction can’t start before 2005 at the earliest. So, the building may be in the home straight, there’s a hurdle to be overcome yet. Clearer now? |
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