Press releases 2002

16 October 2002

Exchange submits planning application for Old Broad Street site

The London Stock Exchange today published the planning application for its Old Broad Street site. The Exchange intends to sell the site with an approved planning consent attached. It will move its existing headquarters to a new development at Paternoster Square in the City of London in the second quarter of 2004.

The scheme outlined in the planning application will greatly enhance the existing site and will provide:

• a pedestrian passageway through the site, providing greater public accessibility;
• an improved streetscape, providing buildings that are more sympathetic to the local architecture; and
• more than 40,000 square feet of new retail space, making the area more attractive to visitors and the local working population.

The planning application includes:

• re-cladding the existing Exchange Tower building;
• a new 8 storey building on the site of the old market floor; and
• a new 5 storey building on the corner of Old Broad Street and Throgmorton Street.

Nicholas Grimshaw & Partners have designed the scheme which will create around 475,000 square feet of high grade office and retail accommodation.

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Notes to editors:

The Exchange is relocating from Exchange Tower on the Old Broad Street site because the building no longer meets the requirements of the business.

The new building at Paternoster Square, where the Exchange will be the 'lead tenant', will provide additional marketing and brand-building opportunities.

The lease on the new building is for 25 years and is in respect of 220,000 square feet of office space.

The Exchange has occupied a site on or near Old Broad Street since 1801. The present building - Exchange Tower - used to house the old trading floor and was opened by the Queen in November 1972.

The planning application was submitted to the City Planning Department at the Corporation of London.