Brookfield Gets Green Light For Second City Redevelopment
Brookfield Properties has secured planning permission for 300K SF of new Grade-A offices at 1 Moor Lane, formerly known as Milton Gate, after the City of London Corporation approved its redevelopment proposal.
Designed by architect Allford Hall Monaghan Morris, the plan for the building — the second major expansion and redevelopment Brookfield has secured in London this year, along with 99 Bishopsgate — will increase the amount of office space by around 50% and will provide large floor plates and ramp up its environmental, social and corporate governance credentials.
The redevelopment will include terraces, cycle storage, changing and wellness facilities, with a food and beverage offer on the ground floor and public art, along with improved public realm space.
The project will retain 70% of the original structure to reduce its embodied carbon and environmental impact. The all-electric building will be net-zero in operation and is expected to achieve an A energy performance certificate, up from its current EPC of E, and BREEAM Outstanding and NABERS five-star certification upon completion, according to Brookfield.
The consent for 1 Moor Lane bolsters Brookfield Properties’ development pipeline to 1.3M SF following the recent approval of its proposed 54-storey tower at 99 Bishopsgate.
Brookfield bought Milton Gate for £215M in 2021 using a £164M loan from JPMorgan Chase, some of which was subsequently securitised. The building is let to law firm Addleshaw Goddard, which exercised an option to break its lease and finish this month.
The best way to improve energy efficiency was redevelopment, Brookfield Properties UK President Dan Scanlon previously told Bisnow, and to finance that upgrade, Brookfield needed to put a larger building on the existing site. Scanlon also said the difficulty in bringing forward large new London office buildings reassured Brookfield over undertaking major new developments.
At 99 Bishopsgate, an existing 340K SF, 1995-vintage office building is set to be replaced with a new tower of more than 1M SF after the City planning commission approved plans for the 54-storey tower earlier this year.
“We're very confident in our track record of being able to attract great tenants to headquarter buildings,” Scanlon told Bisnow, noting that many firms with significant requirements are now looking more than five years ahead to secure space within the limited number of larger buildings underway.
“That gives us a really good opportunity on things like 99 Bishopsgate and Milton Gate to talk to tenants early and make sure that what we're delivering is going to be suitable for their requirements,” Scanlon said.
Brookfield is also undertaking a £15M refurbishment of the 545K SF 30 Fenchurch Street office building, which it bought for £635M in 2021.
Brookfield’s London office portfolio comprises 13 assets owned either directly or in joint ventures, and the company completed a record 800K SF of lettings in 2024.
