Big Five firm Ernst & Young is to move its headquarters to a new seven-storey building on the South Bank of the Thames near London Bridge.
The firm will take up occupation of the offices in 2003, and has agreed a 25-year lease.
E&Y chairman Nick Land said the decision to choose the site, known as More London, on which the new headquarters of the mayor and Greater London Assembly is also being built, was based on the need for ‘a superb working environment’ for staff.
The move, he added, would also allow for the ‘potential for growth’ of the firm.
‘Several other sites were considered and investigated, but did not offer the flexibility and opportunity presented by the More London development,’ he added.
Canary Wharf was among the locations considered, provoking speculation that E&Y could become the first Big Five firm to leave the City or the area immediately surrounding it.
E&Y currently has two main offices in central London, at Fetter Lane and Lambeth Palace Road. It also has eight smaller offices in the capital.
The site is the final part of a chain of urban regeneration and development along the South Bank, and when completed will provide 1.7 million square feet of offices, a hotel, shops, restaurants and public open spaces.
The site is centrally located, close to the City and to cultural hotspots such as the Tate Modern, London Dungeon, the Design Museum and the Globe Theatre.
It would also be close to rival PricewaterhouseCooper’s Southwark Tower office.
However, how long PwC’s office remains standing could depend on whether proposals to build a new tower on the site, twice the height of the London Eye, are given the go ahead.
More on Ernst & Young at www.ey.com
www.morelondon.com for more information.
Just one half of UK practices have implemented a pricing structure around auto enrolment implementation and advice - with many suffering increased costs
Deloitte's north-west Europe foray; BDO, Smith & Williamson investment paths; Shelley Stock Hutter; and Wilkins Kennedy discussed by editor Kevin Reed on our Friday Afternoon Live broadcast
Accountants should alter their perspective on auto-enrolment to maximise business opportunities, according to Eric Clapton.
Kevin Reed discusses whether new accountancy group Cogital can rival the Big Four...and its likely direction of travel