Amid protests from local residents, Henderson Global Investors, an Australian construction firm will submit renovation plans for the historic Smithfield Market in London by late February, 2013.
A proposal for redeveloping the bustling marketplace, the fish market and the buildings of the Smithfield Market was first bought up in October 2012. The plans include creation of retail space and restaurants on the ground floor of a new building. The six upper levels will consist of office spaces. A new piazza will also be created in the general market area, reports London Evening Standard.
Henderson purchased the property from Thornfield Ventures in 2010 and decided to bring in the changes. If the $258.2 million re-development project is approved, the Smithfield market will be the latest addition to London's commercial redevelopment projects, reports Freeofficefinder.
London is known for retaining its medieval architecture along with modern altercations. The most recent renovations: Covent Garden and the Leadenhall Market both retain their old world charm along with modern architecture.
However, some people fear that the redevelopment could backfire and lead to loss of the historical site.
"Once a historic building's gone, it's gone forever. Every single change to a historic area has huge consequences for what happens next," says Clementine Cecil, director of Save Britain's Heritage to Wall Street Journal.
The commercial real estate market of U.K. is witnessing a gloomy scenario. Demand for office space has declined among financial companies while retail firms are downsizing on their stores. Therefore, construction firms are targeting historic buildings in order to increase their value and hoping to lure in companies to set up offices in the redeveloped buildings.
