Property and investment development company Minerva has announced that it has revised construction plans that would have created the largest building in the City of London.
Original blueprints dictated that the so-called 'Minerva Building' would be 50 storeys tall with a floor space of one million square foot, but under new plans a smaller 14-storey edifice with office space of about half a million square foot will be created.
"Having reviewed the options, the group has concluded that St Botolph's House represents a more suitable development opportunity on this site. Once developed, it will provide 530,000 square feet of versatile office accommodation in the City of London," a company statement said this morning.
Construction on the revised building is expected to be completed within three years.
Today's announcement came as Minerva announced its full-year results for the 12 months ending June 30th 2006, revealing that profits before tax and exceptional items stand at £9.3 million, compared to 2005's loss of £4.7 million.
Salmaan Hasan, chief executive of the firm, said: "The group is now firmly focused on delivering shareholder value from an expanding pipeline of exciting developments, which currently encompass City of London offices, a prime London shopping centre, premium London residential and a significant potential mixed use scheme in an affluent part of the capital."