British Land has pulled out of talks over the redevelopment of the Fruit and Wool Exchange site into prime City of London office space and retail venue.
The company were planning to partner The City Corporation on the major retail and office space redevelopment project after being selected as the prefferred developer earlier this year.
British land say they are withdrawing from the negotiations on the project in response to the current climate. Development partners on the Fruit and Wool site would have to make payments of between £2m and £5m to the City in order to secure planning permission.
Anyone wishing to develop the space would have to make further unspecified payments to the City in order to gain a long lease and finance the development of the 200,000 square foot site.
The site, bordered by Brushfield Street, Commercial Street , White’s Row and Crispin Street, also comes with a clause that means any profit from any office or retail development of the site would have to be shared with the City as the current owners.
Tags: British Land, The City Corporation