Mitsui Fudosan has begun the redevelopment of the British Library in central London, with an investment of £1.1 billion. The company will construct an 11-storey building with one basement level that will house offices, research facilities and commercial space in addition to library functions.
Mitsui Fudosan held a groundbreaking ceremony on the 21st for the redevelopment of the British Library in central London and announced an £1.1 billion investment plan, the largest real estate investment in Europe to date by a Japanese company. The new building will be constructed on an adjacent site formerly occupied by library-related facilities, which the company obtained under a 160-year lease. It will have 11 above-ground floors and one basement level, with total floor area of approximately 29,000 tsubo.
In addition to library functions, the new building is expected to house offices, research facilities and commercial space. It is also expected to attract major companies and startups in the life sciences sector, an area in which the UK has particular strengths. Mitsui Fudosan Executive Officer Yugo Ono (小野雄吾) said the project was an initiative to work with an important and respected cultural institution with a global reputation, and outlined the company’s policy of revitalising an innovation- and knowledge-intensive ecosystem.
The British Library is located in an area with strong links to continental Europe, while research institutions and companies involved in life sciences and information technology are concentrated nearby. The redevelopment aims to preserve the library’s traditional role while strengthening its functions as a hub for research and development and highly skilled talent.