British Land said in a statement that its focus will be on developing space with "appeal to the more established TMT occupiers". It said that the sites, which front onto Shoreditch High Street and Norton Folgate, have potential for around 320,000 sq ft of office, retail and residential accommodation in a mix of new, retained and refurbished buildings.
The City of London selected British Land to develop the site in May this year following a bidding contest. The developer has now entered into an option agreement with The City and, subject to securing revised planning consent for the sites, will draw down a development agreement. British Land will acquire a long leasehold interest in the sites once completed.
"We are excited by the site's potential to provide a vibrant mix of offices integrated with retail and leisure uses along with high quality residential," said British Land head of development Nigel Webb.
"We expect the smaller offices to appeal to increasing demand from technology and media companies in this area of London. A number of the existing buildings will be retained and brought back into active use to provide an attractive and characterful environment," he added.
The City of London's property investment board chairman Michael Cassidy welcomed the agreement. "It will enable the Shoreditch Estate site to be regenerated over the coming years and play a key role as this exciting area of London continues to change," he said.
