A record number of retrofit planning applications have been approved in the Square Mile in 2023, with a host of landlords looking to make building projects more environmentally-friendly.
The City of London Corporation said there were 17 major retrofit planning applications it approved in the year to date. It added that will amount to tens of thousands of tons of carbon being saved in the City’s built environment sector, which is responsible for around 40% of its total emissions.
The update came as senior officials attend COP28 to share with business and world leaders how it will reach its net-zero goals.
A retrofitting approach aims to promote material reuse and refurbishment of existing properties rather than a major redevelopment or full demolition.
The governing body of the Square Mile considers this type of work is not only more carbon friendly, but that it also reduces disruption caused by noise pollution and construction traffic.
The retrofitting method could also appeal to would-be office tenants that want to secure the most environmentally-friendly space that will meet part of their ESG demands.
Schemes that have been approved include a project to transform the grade II listed Cripplegate House building into an operationally net zero one, with additional grade A office space, greening and public realm improvements, and retention of the key heritage features.
Meanwhile plans on 81 Newgate Street will see the renovation of a 1980s office building into a mixed-use development, avoiding three years of demolition and construction and a 46% carbon emissions reduction.
Shravan Joshi, chairman of the City of London Corporation planning and transport committee said: “We are delighted to see this abundance of retrofit planning applications and I would like to credit our planning officers for providing developers with the clear guidance needed to make them viable and to Committee Members for supporting policies which give investors confidence to further commit to the City of London. We are seeing a growing trend for office refurbishment to provide the much needed, high quality office space in the City and we want to continue to encourage this.
We will increasingly support lower carbon alternatives and assist developers in putting carbon considerations front and centre when preparing an application
Joshi added: “In an area as dynamic and well-connected as the City there will always be the potential for new builds and there is no one-size-fits-all approach to planning, but we will increasingly support lower carbon alternatives and assist developers in putting carbon considerations front and centre when preparing an application.”
Across the whole of central London in 2023 to date firms have commenced construction on 51 office schemes with no guaranteed occupier in place, according to real estate consultancy Colliers. That is despite a challenging market.
