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LONDON-Pembroke Real Estate–Fidelity Investment’s property investment arm–has launched London Millharbour, its 750,000-sf office development on the site of the former Guardian newspaper print works in London’s Docklands. The scheme is part of the reconstruction of the South Quay area ravaged by a major terrorist attack in the mid-1990s.

Overall, London Millharbour will provide 764,000 sf of offices and 29,000 sf of retail and restaurant space, designed by architect Sir Michael Hopkins. Site clearance has already started, and construction will begin early in 2002 with completion of the first phase of 460,000 sf expected in 2004.

Michael Smith, Senior Vice President of Pembroke Real Estate, told GlobeSt.com that Fidelity intended to occupy 150,000 sf of the first phase itself, but that negotiations were already under way with several occupiers interested in taking blocks of 100,000 sf-plus in the speculative element of the building.

Agent Insignia Richard Ellis will be quoting rents of around £35 ($51) per sf, which represents a discount of about £10 ($14.70) per sf to rents now being achieved in the Canary Wharf estate.

The London Borough of Tower Hamlets has designated the Millennium Quarter as the next focus for office development in Docklands as Canary Wharf heads towards completion. Four separate projects will between them provide four million sf of offices, replacing buildings destroyed by the IRA. In addition to the London Millharbour project, work is under way on Capital & Provident’s new two million-sf London World Trade Centre. Also in the pipeline are Ballymore’s One Millharbour designed by Skidmore Owings & Merrill and the Quadratic building on Mastmaker Road designed by Patrick Davies.

The four developers have agreed a £20 million ($29 million) package of infrastructure works, including the construction of a new footbridge to Canary Wharf underground station and the refurbishment and extension of South Quay station on the Docklands Light Railway.

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