Good news for big City occupiers

Property developer Minerva has applied for planning permission for two major new buildings in the City of London.

The larger, almost 50,000sqm, is at St Botolph's House in the heart of the insurance area, with another 40,000sqm is proposed for Walbrook near the Bank of England. Both will feature the large, regular floorplates preferred by City occupiers.

Conditions for achieving planning permission look favourable. Minerva is using big-name architects - Norman Foster and Nicholas Grimshaw - and incorporating significant amounts of retail space at ground floor levels, something the City is often criticised for skimping on. In addition, the City Corporation has been eyeing the success of Canary Wharf for some time and would like to avoid any more big companies going east.

Minerva chief executive Andrew Rosenfeld says development of both projects will only proceed on a pre-let or pre-sale basis.

Elliott Chase