A major new development scheme is about to begin, adding a new set of offices in Old Street and contributing to the ‘Silicon Roundabout’.  The Old Street roundabout will be turned into a technology hub in a massive development that will cost over £50 million, and which it is hoped will act as an incentive to draw more business into London. 

Canary Wharf Group and Qatari Diar are set to co-develop a 5.25-acre mixed-use scheme, which will include about 800,000 square feet of office space between Waterloo Station and Hungerford Bridge. Residential space will amount to 800,000 square feet while there will be a further 80,000 square feet of new retail units. The famous 27-Storey Shell tower which is on the site will be preserved, although the plans show eight new residential and office buildings to be constructed by six architectural firms.