London developer says Moorfields revamp could start in 2027
London developer Derwent has said it expects its 25 Baker Street scheme being built by Laing O’Rourke to complete in 2025 along with its Network building job being carried out by Kier.
The firm said 76% of the commercial part of 25 Baker Street already pre-let. It also includes retail while London refurbishment specialist Make One is carrying out work at 30 Gloucester Place which is also part of the development.
Laing O’Rourke signed a £158m deal with Derwent at the start of last year for the Baker Street deal while Kier has now signed a fixed price for the Network job, thought to be aound £60m.
Derwent said: “The [Network] scheme is currently being delivered on a speculative basis but with very little competing office supply in Fitzrovia and the broader West End, we are confident in the letting prospects for this high quality building.”
It said the next phase of its new-build pipeline was a 240,000 sq ft scheme at 50 Baker Street and a 150,000 sq ft scheme at Holden House in the West End.
The firm has signed a deal to buy City Road Island, the site of the Moorfields Eye Hospital and the UCL Institute of Ophthalmology near Old Street tube station, for £239m.
Moorfields is moving to a £250m eye care, research and education centre in Camden’s Knowledge Quarter in the second half of 2026 which will be built by Bouygues. Derwent said work on City Road Island, plans for which have been drawn up by AHMM, could start the year after.
Derwent said in the first half of 2023, it secured lettings amounting to £19.3m, covering a total space of 228,000 sq ft.
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