British Land 'will not develop Fruit & Wool exchange'

British Land has pulled out of negotiations with the City Corporation to join it in the redevelopment of the Fruit & Wool exchange in the City.

The project would see the existing site developed into office and retail space, however concerns over the current economic climate have seen British Land announce its withdrawal.

In order to make any progress on developing the site, it is understood that a partner would have to pay between £2 million and £5 million for the option as well as securing planning permission and an unspecified amount to the City for a long term lease.

The site is bordered by Brushfield Street, Commercial Street, White's Row and Crispin Street and also has a clause that states any development will have to be shared.

Earlier in the month, British Land announced that Stephen Hester was leaving the director role to join the Royal Bank of Scotland following the government bailout of the bank.

Chris Gibson-Smith was named as interim executive chairman.

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