The carbon impact of a person employed in the Square Mile is a fraction of the national average and the lowest of any central London borough.
With companies increasingly looking for ways to ensure they can grow their business more sustainably, the calls for prime office space in the City have left agents’ phone lines burning hot, as environmentally sound buildings, closely linked to transport hubs are in serious demand.
More than 99% of City offices are closer than 5 minutes’ walk from a station, a statistic that few cities around the world can boast and something that the City’s 25-year Transport strategy pushes the boundaries on.
The City of London’s Local Plan is set for adoption in 2025. The Square Mile faces the very real challenge of running out of space to develop in the years ahead, as it balances the need to protect our heritage with urban densification, sustainability, as well as the increasing concentration of skills, expertise and innovation drawn to the City, from across the globe.
It is crucial, therefore, that leaders across the real estate industry adopt new, innovative approaches to developing our urban spaces and one such approach that delivers on all of those issues outlined above, is ‘retrofitting.’
Last year, there were 34 major retrofit projects approved across London and half of those were in the Square Mile. It is characterised by retaining a substantial part of the existing building and upgrading it to current environmental standards, either to enhance or change their current usage, as opposed to demolishing them and then redeveloping the site.
As Chairman of the City’s planning and transportation Committee, I have made it my mission to instil this theme with the leaders of the real estate sector, enabling retrofit to become a key component of our Local Plan, known as City Plan 2040.
This approach not only enables us to attract new occupiers to recently restored, characterful buildings, it also maximises the productivity of our limited space, but does so in a way that minimises embodied carbon impacts, improves operational efficiency and celebrates our old buildings, by giving them a new lease of life.
The results of this policy have been extremely encouraging. These projects will save tens of thousands of tonnes of carbon emissions, whilst securing further economic growth through delivery of upgraded offices and new attractions, as the number of workers, visitors and residents, continues to increase.
I’ll give you a couple of examples: A retrofit project at 1 Appold Street, a commercial office, will become one of the most sustainable buildings in the Square Mile.
Initially built in 1989 and incidentally where I had my first job out of university, the proposals will see 100% of the substructure and 75% of its frame retained. It will also deliver five extra floors with added installation of air source heat pumps and PV panels, as well as a restaurant and gym for local workers and residents to enjoy.
Meanwhile, the proposals for a site at 40 Holborn Viaduct will deliver a substantial uplift in office space and retaining the vast majority of the existing building, but also provide improvements to access and travel through Holborn Viaduct and Charterhouse Street.
On top of this, the public will be able to enjoy an enhanced pocket park fronting the site, extra urban greening and seating, as well as a new cultural forum for community events and activities.
In recent years, our planning and sustainability Officers have developed world-class policies and guidance that offer clear direction for developers on how to maximise sustainability in their planning applications. This transparency drives up the appetite for investment and encourages more growth in the sector, exemplified in our progressive, carbon optioneering guidance which champions a ‘retrofit first’ approach. It requires developers to demonstrate to us that they have seriously considered and quantified a retrofit option, long before even submitting a planning application.
Globally, the built environment sector accounts for around 40% of all carbon emissions and the largest emitters in the Square Mile are from commercial and industrial buildings, 71% overall. Retrofitting will help future proof the City of London, both environmentally and by ensuring it remains a vibrant attraction for generations to come.
Real estate investors and developers must continue their important work, alongside policymakers paving the path for the long-term success of the City.
Shravan Joshi is chairman of the City of London Corporation’s Planning and Transportation Committee
