The City of London Corporation has announced it will use a combination of new schemes and refurbishments of old buildings to create at least 1,500 new homes by 2030.
The Corporation, which watches after the Square Mile, is transforming these spaces in order to accommodate the increase of flexible working. This is due to current government guidance suggesting people continue working from home if possible.
The changes will include at least 35% affordable housing. As of March 2020, there were estimated to be 7,850 residential units in the area.
As part of the new proposals, long-term leases in empty buildings may be offered to creatives, as well as “high-potential tech-led businesses” that could help improve the area.
“Firms have told us that they remain committed to retaining a central London hub but how they operate will inevitably change to reflect post-pandemic trends, such as hybrid and flexible working,” said Catherine McGuinness, policy chair at the City of London Corporation. “The Square Mile must evolve in order to provide an ecosystem that remains attractive to workers, visitors, learners and residents.”