Here we go again as yet another part of London is being transformed. To the east of the Square Mile, Aldgate is undergoing a metamorphosis as major schemes bring in new offices, residential and shops. Just to the south, across Tower Bridge, Southwark is also being changed as commercial users move east from the South Bank and bring with them new restaurants and leisure facilities. Aldgate is certainly going to become a significant business area and the question arises as to how far that process moves along the Commercial Road to Docklands. But these are not the only areas that are changing. There is a battle in the West End between office and residential use as buildings come onto the market.
For a while residential was winning but now, according to Richard Scott of Mellersh & Harding, office users are fighting back and are prepared to pay more to achieve success. This is another example of a benighted government policy that is spewed out without any thought of the consequences. The City Corporation has already protested about going too far down the residential conversion route and undermining business and now Westminster Council is considering its policy of promoting conversion. The government screams at banks to lend to small businesses but happily ignores the fact that they need cheap space.