Cancer Research UK and the British Council are to relocate their headquarters to a new development in Stratford, East London.
They have both signed pre-let agreements to move to a new building in the International Quarter London, which is next to the Queen Elizabeth Olympic Park. The building is scheduled to be finished in 2019.
The £2.4bn development is a joint venture by Lendlease, a property and infrastructure group, and LCR, which is owned by the Department for Transport and specialises in the management, development and disposal of property assets within a railway context. It includes four million square foot of office space, over 300 homes and new community facilities.
CRUK is currently based in Angel and its latest annual accounts show that it has made a gain of £17.5m by surrendering the lease on its current building which will cover the relocation costs.
“We received a surrender premium which will more than cover our estimated move and disruption costs. Relocation to the new building will enable us to reduce our fixed costs, allowing more money to be channelled into research,” the annual report said.
Sir Ciaran Devane, chief executive of the British Council, said: “This location embodies the British Council’s vision for international cultural relations. As well as providing a fantastic new workspace, our new global headquarters – in the heart of an inspiring new centre of culture, education and creativity – will allow us to demonstrate the diversity and value of our work across the globe to a wide and varied audience.”
The British Council’s annual report for 2016/17 said that it expects to relocate in 2020 and has £20m in an investment fund to cover the cost of relocation.