OVERVIEW

The site has been identified as suitable for development by the London Borough of Hackney. It is included with a Tall Buildings Opportunity Area within the Adopted South Shoreditch SPD (Supplementary Planning Document) and the adopted UDP (Unitary Development Plan) also designates the site as an area suitable for new employment development.

Principal Place offers a unique opportunity to regenerate a mostly vacant site close to the heart of London. It will create thousands of new jobs and open up an area that is currently largely inaccessible to the public to deliver a vibrant place for people to live, work and visit.

Hammerson submitted a planning application in 2007 for a high quality mixed use office led development which was granted planning permission in 2009. The consented scheme includes:

• Around 4,400 jobs
• Much-needed new homes, including affordable units and a contribution to off-site affordable homes
• A hotel
• Shops and cafes
• Public spaces
• Office space

Since 2009, economic changes have meant that the needs of occupiers have changed considerably. In line with these revised requirements, Hammerson has undertaken a review of the scheme and has now submitted new proposals. The new proposed Principal Place scheme will deliver:

• High quality office accommodation arranged across larger and fewer floors
• Much needed new homes, including 50 affordable units located within the scheme
• Significant new public open space, including a new square on Norton Folgate
• Shops and cafes
• Retention of 233 Shoreditch High Street (The Light Bar building)