Foster & Partners are to design a 'landmark' building to replace the 1960s Colechurch House at the southern end of London Bridge, it was announced on Monday.
The City of London Corporation as Trustee of Bridge House Estates has entered into an agreement for lease with CIT at Colechurch House.
The site comprises 0.69 acres owned jointly by the City Corporation and Southwark Council.
The City of London Corporation will retain the freehold of the site and a ground rent income from a 'landmark' new building.
The income from the Bridge House Estates investment property portfolio is used for maintenance of five bridges across the Thames with the surplus used by City Bridge Trust for charitable grants totalling around £20m per year.
"Colechurch House is another example of the City of London Corporation working with a development partner to bring forward a prime Central London site," said Tom Sleigh, chair of the City of London Corporation property investment board.
"CIT has great ideas for the site and the City of London Corporation looks forward to working with the experienced team on the planning application."
Craig Johnston, Chief Operating Officer of CIT, comments:"CIT is delighted to work with the City of London Corporation and the London Borough of Southwark to deliver another exciting scheme on the South Bank with Foster & Partners.
"Colechurch House represents the latest in a series of CIT projects successfully revitalising redundant buildings for modern uses. Our ambition is to bring forward plans for an iconic development in this well-established business district, and be part of the future of one of London's most vibrant, exciting and active areas."
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