Tower of London curbs on skyscrapers ‘will cost City £1.2bn’

cityam

Sep 03

The heritage plans 'could block skyscrapers and jobs' (Jordan Pettitt/PA Wire) Plans to protect views of the Tower of London will cost the economy £1.2bn in lost economic output, the City of London ...

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These upper floors are often the most valuable, and end up making the entire development financially viable, Sleigh said. \n\n“If you start removing entire floors from potential schemes, you basically get rid of the profit margin. So no developer in their right mind would develop them,” he said. ‘Growth in every postcode’Historic England’s plan could wipe out as many as 20 plans for skyscrapers in the east of the City. This would “essentially sterilise [this] strip of land,” costing 1m sq foot of office space, 6,800 jobs and £1.2bn in economic output, Sleigh said. He continued: “[This] suddenly starts to feel really significant when we have this national economic urgency that we need to help [to] try and find solutions to.\n\n“We hear the government say ‘growth in every postcode’. I would say EC2 and the other postcodes in the City are rather important postcodes, and you shouldn’t hold them back and stop them from growing.”","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"}}}