Jul 22 2008
Rio Tinto is seeking a joint venture partner to redevelop its former HQ building in St James's Square, London, and has decided to retain the development as an investment when completed. Leading development companies have received a pre-qualification document and it is likely that a shortlist will be drawn up over the coming weeks.
Neil Usher, Rio Tinto's general manager of Group Property, said that the company, which relocated to offices in Paddington and Aldermanbury Square in the City in December, 2007, will retain an option to relocate its HQ team currently in Aldermanbury Square to the redeveloped building.
"St James's Square is considered to be one of the most prestigious locations in the country, if not globally, and the design by Dixon Jones for 5 and 6 St James's Square, which has received planning consent, provides a scheme which matches the location. There will be 125,000 sq ft of new highly sustainable offices, 15 residential units and a new art gallery located around a landscaped courtyard," said Mr Usher.
"As part of the redevelopment, the Grade II* listed 15,000 sq ft 5 St James's Square will be carefully renovated to more closely reflect the Square's historic roots'," he added.
The development is expected to be completed in 2010. Cushman and Wakefield Central London Development Team is advising Rio Tinto.