M&G Real Estate has huge plans for 1-2 Minster Court. The initial idea is to create a new 23 storey office building. However, the early response to the proposal highlights a number of concerns. We want to have a closer look here. Then, if you need some help with property investment in Tower Hamlets, you can come to us.
Redevelopment
1-2 Minster Court is currently home to a pair of buildings; the tallest structure is 13 storeys with a shorter 10 storey neighbour. Some people love the current properties for their unique post-modern design. Others would happily see it go.
M&G is planning to redevelop the site. The project would involve partial demolition to create the new high quality offices. It would deliver 65,000sq/m of office space plus cultural, amenity, and education space. The work would also change the public realm, including a roof terrace.
An interesting part of the plan is it would retain 60% of the primary building. The idea is this would help to reduce carbon emissions during the project. It would also save the elements of the building that can become part of the new development
Response
This is an interesting piece of property investment in Tower Hamlets. It has merits because there is plenty of demand for modern, high quality offices. The site is also in an area that is designated as being appropriate for skyscrapers. In fact, it is already home to some of London’s most iconic towers, like the Gherkin.
While towers are common here, the location of 1-2 Minster Court is presenting some issues. Tower Hamlets Council for one has concerns about the height, scale, and massing. They have worries there will be a significant impact on views of the Tower of London.
Heritage England said they have similar concerns to the Council. They believe the redevelopment could have a significant impact on heritage assets in the area.
London City Airport responded too. They are requesting that the project include obstacle lights on all corners of the building for safeguarding. Their concern is that the height could mean danger for aircraft if there are no lights.
What next?
M&G recently submitted an Environmental Impact Assessment (EIA) Scoping Opinion, hence the responses. They will now go back to the drawing board before including a full EIA in the planning application. The expectation is the plans will be ready to submit in 2025.
Do you need any help with property investment in Tower Hamlets?
Finefair Ltd knows that Tower Hamlets has become one of the best areas for investing in properties in London. It can offer an impressive yield for investors. Notably, prices are more affordable than many other areas but rental rates are high thanks to the close proximity to the City and Canary Wharf.
So, if you are planning to invest and want some help, speak to us. Plus, if you already have assets, come find out how we can help you get a secure income from them. We’re the most dynamic partner for property investment in Tower Hamlets and other parts of London.
