星空传媒

The City's fight back against Docklands development has taken a huge step forward, with the announcement that property group Minerva is planning to construct the City's biggest building.

The 181m tower, designed by Nicholas Grimshaw & Partners, will be located only quarter of a mile from Liverpool Street Station.

Minerva claims there is an undeniably compelling economic case for the new building, which will be the only central City property offering over 90 000 m2, and provide workspace for up to 10 000 people.

Suggestions are that Barclays might be interested in the site, although experts believe tenants such as Deutsche Bank or JP Morgan Chase are more likely candidates.

The site is fully vacant so development could begin immediately upon receipt of planning consent, although indications are that construction will not start until a tenant has been found.

"This will be a world class building in a world-class location. The building has been designed by one of Britain's leading architects and is precisely what the City needs in order to attract major international occupiers," says Minerva chief executive Andrew Rosenfeld. "We've been talking to a number of tenants and that's what's driven us to apply for planning permission. We wouldn't be building it if there wasn't demand."

The property company announced a rise in its net asset value per share of 17% for the 12 months to June, compared with the previous year. Pre-tax profit was up to 拢6.6 m from 拢0.9 m.