The headquarters of Big Four accounting firm PwC at 1 Embankment Place is set to undergo a major transformation into a sustainable workspace, as the property's owners seek to attract new corporate tenants ahead of the firm's departure.

London-based property and asset management firm Bridgemont announced on Friday that it has submitted a planning application to Westminster City Council to redevelop the air-rights building situated above Charing Cross Station. PwC will vacate the premises in 2030 when it relocates to Canary Wharf.

The proposed redevelopment includes a 35,000 sq ft workspace designed for businesses, along with a new gateway connecting the West End and the South Bank. Plans call for premium retail and leisure offerings, including dining and drinking establishments, aimed at creating what Bridgemont described as a highly flexible, amenity-rich workspace in one of the capital's most connected locations.

The application follows two rounds of public consultation and would preserve approximately 90 per cent of the building's existing structure. Retaining the bulk of the structure aligns with a growing trend among London office landlords to retrofit rather than demolish, reducing embodied carbon and aligning with tightening UK energy performance regulations for commercial buildings. The building was completed in 1991 and originally designed by Sir Terry Farrell. The redesign is being partially led by Sir Terry's son, Max Farrell, to ensure the original architectural vision is respected.

The proposals include ambitious sustainability targets, aiming to reduce operational energy use by 70 per cent compared to the current building. The redeveloped site is intended to be a fully decarbonised, all-electric building that eliminates the use of fossil fuels.

The sustainable overhaul is being led by London-based architecture firm Hopkins, which specialises in environmentally friendly buildings.

Submitting this application is a significant step in delivering the transformational improvements needed to secure its future for generations to come, Hopkins principal Mike Taylor said.

PwC's Move to Canary Wharf

The redevelopment plans follow PwC's decision in July to select One Eden in Canary Wharf as its new London headquarters. The firm will occupy 350,000 sq ft of space, joining the growing concentration of financial and professional services firms in the area. Canary Wharf has increasingly diversified its tenant base beyond banks to attract professional services and technology firms, a shift reflected in PwC's relocation.

One Eden currently serves as the European, Middle East, and Africa headquarters of banking giant Citigroup. The building was previously used to accommodate additional staff during Citigroup's recent £1bn renovation of the neighbouring 25 Canada Square building.