J Sainsbury plc, was Tuesday night granted permission by Southwark Council to redevelop its former headquarters building, close to Blackfriars Bridge on the South Bank.
Go deeper with GlobalData
Sainsbury’s is in the process of relocating its headquarters staff to a single new building in Holborn, which enables the redevelopment of the old Stamford Street site. Historically, the company headquarters has been fragmented across a number of buildings in and around Stamford Street. Relocation to a single, flexible office building forms an integral part of the company’s business transformation programme. The move, which commenced on Monday, is well under way and colleagues are already seeing the benefits of working in a modern office environment.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataIan Coull, Board Director of J Sainsbury plc, said; “We are delighted that we have now been given the go-ahead to proceed with our proposals, which form an important stage in the regeneration of this part of Southwark. This undoubtedly creates value as we consider the best ways for realising our property assets. We will be selecting a joint venture partner with whom to develop and finance this site. It is estimated that the redeveloped site will be valued at more than £200 million. The new building on Stamford Street will be versatile enough to house a single occupier or multi occupiers, allowing us the option of returning to Stamford Street once construction is complete.
“The plans comprise a single, medium rise building of five storeys, rising to eighteen storeys at the north-east corner, close to the bridge. As well as 375,000 sq ft of modern, flexible office space, the redevelopment provides a new public open space and a 10,000 sq ft Sainsbury’s Central supermarket. The project is estimated to take approximately 30 months to deliver, including a six month demolition programme.”
Ian Coull added; “The introduction of a Sainsbury’s Central Store will plug a retail gap in the area, allowing local people to shop locally. This emerged very clearly throughout our consultation process as a major perceived benefit for the local community.”
Notes to Editors:
- Sainsbury’s has had its headquarters on Stamford Street for over a century. Stamford House, which originally served as a warehouse, and other neighbouring buildings were occupied on an ad hoc basis as the company expanded.
- Sainsbury’s hopes that demolition of the existing building can begin early next year, subject to the standard legal agreements.
- Foster & Partners are the architects for the scheme. Their previous work in the Borough includes the new GLA headquarters and the Millennium Bridge.
- Stanhope Plc, Sainsbury’s development advisor on the project, is a leading business solutions developer and has a long association with quality developments. The Chief Executive of Stanhope Plc, Sir Stuart Lipton, is Chairman of the Commission for Architecture and the Built Environment (CABE).
To view related research reports, please follow the links below:- |
