Land Securities : Landsec signals confidence in London office market with commitment to deliver Timber Square, SE1

Title	Landsec signals confidence in London office market with commitment to deliver Timber
	Square, SE1
From	Landsec
Date	Embargo: 00:01 4 October 2023

In a show of confidence in London's office market, Landsec has committed to delivering it's latest net zero development, Timber Square in Southwark, and has appointed Mace as construction manager for the scheme. The announcement progresses Landsec's ambition to create a one million sq ft green office cluster in Southwark. The project will deliver 380,000 sq ft of net zero office space before the end of 2025 into what will be a supply constrained market as developers pull back from committing to new projects.

At a time when sustainability is one of the most important factors driving leasing decisions, and one of the few levers businesses can pull to achieve their net zero ambitions, Timber Square will create highly energy efficient, net zero offices across two buildings. The all electric buildings will be heated and cooled by air source heat pumps and powered by 100% renewable energy.

The space, which has been designed to maximise occupier wellbeing, will target BREEAM 'Outstanding' and Well Core Platinum. It will boast a rooftop communal terrace and clubroom with panoramic views of London, multiple private terraces and new public realm which will extend the low line from Borough Market with a vibrant mix of retail, leisure and F&B.

Timber Square is well placed to capitalise on the clear customer demand for quality space in well- connected and amenity rich locations. Situated in the heart of Bankside it is a short walk to three of London's key transport hubs: Waterloo, London Bridge and Blackfriars, and surrounded by one of the city's best food and drink scenes including Flat Iron Square, Borough Market and Vinegar Yard. Customers will also benefit from having an array of cultural institutions, from the Globe to the Tate Modern, on their doorstep.

Oliver Knight, Head of Workplace at Landsec said: "The market for Grade A office space in central London is becoming more competitive with demand outstripping supply in core markets. At Timber Square, we're delivering two highly sustainable buildings centred around a new public square which combine a breadth of amenities with highly efficient space. Timber Square, along with our wider Southwark pipeline, will deliver much needed prime space to a supply constrained market meeting business' priorities of attracting the best talent and meeting their sustainability goals."

Timber Square is a pioneering net zero office development, combining reuse of elements of the existing printworks building with a range of modern methods of construction such as the use of cross-laminated timber (CLT), to achieve a c.50% reduction in CO2 during construction compared to a typical office build. The ambitious project delivers a unique blend of heritage and new architecture by retaining 85% of one of the existing structures and reusing building materials wherever possible. Once complete, it will become one of the most significant commercial developments in the UK to use a hybrid steel and CLT structure.

Landsec has a long history in Southwark which began with the redevelopment of The Blue Fin Building and Bankside 2&3 over a decade ago. It is now investing further into the borough to create a one million sq ft green office cluster. Earlier this year, Landsec and Mace completed work at The Forge, the first office in Landsec's Southwark pipeline to be delivered and the UK's first Net-Zero commercial building designed in line with the UKGBC's framework.

CBRE and JLL are the retained leasing agents for the scheme.

Ends

About Landsec

At Landsec, we build and invest in buildings, spaces and partnerships to create sustainable places, connect communities and realise potential. We are one of the largest real estate companies in Europe, with a portfolio of retail, leisure, workspace and residential hubs. Landsec is shaping a better future by leading our industry on environmental and social sustainability while delivering value for our shareholders, great experiences for our guests and positive change for our communities.

Find out more at landsec.com

About Mace

Mace is a global company of experts in shaping the built environment. It provides development, consulting, construction and operations services for many of the world's most inspiring building and infrastructure projects and programmes - from Olympic parks and iconic skyscrapers to state-of-the-art data centres, schools, hospitals and homes.

The privately-owned company, headquartered in London, UK, has an annual turnover of £1.9bn. Over 30 years, its growth has been fuelled by an adventurous spirit and the relentless pursuit of a better way. Today, the company employs over 7,000 people across five global hubs in Europe, Middle East and North Africa, the Americas, Sub Saharan Africa and Asia Pacific.

Mace is driven by its purpose to redefine the boundaries of ambition, and its vision of leading the way to a more connected, resilient and sustainable world.

Find out more at www.macegroup.com