1 August 2008
Re Announcement to Stock Exchange that JP Morgan no longer set
to take new "St Alphage House" site in EC2
Stuart Fraser, the City of London's Policy and Resources
Chairman, said after the announcement this morning (Friday 1
August):
"It has become clear that the building J.P. Morgan was looking
to build and occupy couldn't be accommodated on the St Alphage
site. We don't know yet if they are hoping to move elsewhere within
the Square Mile or elsewhere within London's financial cluster but
we are confident that Hammerson can develop this prime site for
another occupier.
"The strategic plan for the Square Mile business district - part
of London's Central Activities Zone - makes it clear that large
buildings of this kind for major financial services firms will
remain an essential part of the landscape, properly balanced with
the needs of smaller firms, residents, and others.
"Of course it is disappointing that this particular deal has not
gone ahead but we are confident in the site's future as a location
for the international financial services industry - which as a
whole contributes significantly to the UK economy.
"This decision leaves unaltered the fact that Square Mile - with
its 350,000 workers and 8,000 firms - remains a premier location
for global business, with unrivalled transport links, a safe
working and living environment, the Barbican arts centre, and all
the other amenities that go with a world-class business
cluster.
"Relations with JP Morgan and Hammerson are strong and we will
continue to work with them both to promote and sustain all those
who form part of the UK-based international services industry -
whether in the Square Mile or beyond."
Ends
Contact
Greg Williams Head of Press
direct 020 7332 1455
mobile 07889 167 205