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The UK library is set to an extension of £1.1 billion after securing investments from Japan’s Mitsuwift San.
The new 12-storey building, built on land owned by the National Library, north of the current campus near St. Pancras Station, will provide the library with 100,000 square feet and 600,000 square feet of office space, including the new headquarters of the Alan Turing Institute.
The proposed development in 2017 marks another significant investment in London by Japanese real estate groups that support several large-scale projects, including redeveloping the Mayfair strip near the Grosvenor Estate and Claridge hotels.
Iwayama West, CEO of Mitsui Fudosan in the UK, said:
The UK Library will prolong the land for new developments. This is entirely owned by Mitsuifdothan. Developer Stanhope will be responsible for delivering projects that are scheduled to be completed in 2032.
Proposed front door for expansion
The commercial space in the new building next to the Francis Clein Institute Biomedical Research Center aims to attract life sciences businesses, a region that has become a popular niche for real estate investors.
The library will double the size of its exhibition gallery and benefit from new educational facilities and low-cost community workspaces.
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British Library Chief Executive Officer Rebecca Lawrence said the plan would “open the libraries further and create an expanded national library with state-of-the-art new spaces.”
Construction will include underground infrastructure to prepare for the new station of Crossrail 2, the successor to London’s Elizabeth Line.
The current library building listed by Grade-1 opened in 1998 after the 20-year project was damaged by delays and cost overruns.
