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Public Consultation on proposals for a revitalised 1 Princes Street

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Criterion Capital’s vision for a thriving refurbishment of 1 Princes Street

Criterion Capital is pleased to share our proposals for the refurbishment of 1 Princes Street, transforming this underutilised former bank and associated office building into an affordably priced, distinctive hotel in the heart of the city. The project aims to enhance the building in a sustainable way supporting the City’s Destination City Strategy, promoting cultural vibrancy and encouraging diverse economic activity in the area.
We are keen to engage with the local community and want to hear your feedback before submitting a planning application to the City of London Corporation. Read on to find out how you can get involved in our public consultation.
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The Site

The existing building at 1 Princes Street is a Grade II-listed office building located within the Bank Conservation Area

Originally designed by Sir Edwin Cooper in 1929, this building holds significant architectural and historical value, having once served as the headquarters of the National Westminster Bank.
In the late 1990s, it underwent redevelopment, with much of the structure demolished while the listed façades and lower-level interiors were carefully preserved. Today, the building stands as a vacant office space, featuring outdated finishes, poor daylight quality, and a low EPC rating, making it inefficient in terms of energy performance.
Located just a short walk from Bank tube station, the site sits in one of the City’s most iconic areas, offering strong connectivity and high visibility. However, despite its prime location, the building remains underutilised, with over 4,000 sqft of inefficient office space and infrastructure that no longer meets modern standards. It struggles to attract long-term occupiers due to its outdated facilities and underperformance in operational energy and sustainability. Additionally, it provides limited public benefit in its current state.
There is a significant opportunity for a sensitive refurbishment, one that will sensitively restore and better reveal the building’s heritage while securing its long-term contribution to the City of London. Thoughtful restoration and modernisation would allow the site to fulfil its potential, aligning with the City’s evolving needs and ambitions.
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Existing site conditions

Our Proposals

Introducing a new hotel to support the City’s Destination City Strategy

Thoughtful design that respects the building’s heritage

Publicly accessible lower levels for community and cultural activities and a commercial offering

Introducing new uses at a key location at Bank Junction

A retrofit-first approach

Commitment to creating a long-term sustainable building

A new affordability priced, distinctive hotel in the City

Our proposals introduce a thoughtfully designed, affordably priced Zedwell Hotel location, offering around 300 rooms across eight levels. The hotel will feature a range of room types to suit different visitors while seamlessly integrating with the existing building’s shape and window placement along Princes Street.
Guests can choose from Crib rooms, premium accommodations designed for longer stays, combining the comfort and amenities of an apartment with the convenience of a hotel. Alternatively, Cocoon rooms—Zedwell’s signature compact hotel concept—provide a tranquil, minimalist space optimised for rest and relaxation.
Beyond providing high-quality accommodation, the hotel will support the City of London Corporation’s Destination City strategy, which aims to establish the Square Mile as a premier cultural and leisure destination. By attracting new visitors, the hotel will contribute to increased footfall and spending in the area, helping to invigorate the local economy further.
Precent imagery from Zedwell Hotels
Precent imagery from Zedwell Hotels
Precent imagery from Zedwell Hotels
Precent imagery from Zedwell Hotels
Precent imagery from Zedwell Hotels
Precent imagery from Zedwell Hotels
Precedent Image

A focus on Sustainability

The new scheme aligns with the City Corporation’s retrofit-first approach, prioritising sustainable practices by adopting a retrofit-first approach, utilising recycled materials, and implementing sustainable design practices to minimise environmental impact and embodied carbon, whilst also creating a building that will deliver high-quality modern space. The existing building has poor energy performance, falling short of future anticipated requirements for office use. The proposals aim to upgrade the building’s energy performance to ensure compliance with future EPC standards. Additionally, the proposals seek to minimise external changes, restricting alterations to essential updates, such as replacing the roof plant with modern, energy-efficient systems. By making the building more energy efficient from an operational carbon point of view, it will have less of an impact on the environment in the long-term.

Creating new publicly accessible space

The proposals for 1 Princes Street include transforming the ground floor and mezzanine into publicly accessible spaces that will activate Bank Junction. These areas will feature a variety of community and cultural spaces for visitors and the public to enjoy. Options being considered include a gym, food and beverage outlets, retail spaces, co-working areas, event venues, and cultural spaces. These spaces aim to create a dynamic and engaging street-level presence, enhancing activity and connectivity in the area. Further contributing to the City’s Corporation Destination City strategy. The proposals also include first floor space for the Aziz Foundation, a charity supporting British Muslims into Higher Education to support community empowerment.
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Existing Site
Existing Site
Existing facade
Existing facade

Preserving Heritage while Embracing Modernity

The proposals for 1 Princes Street aim to enhance the heritage of the building by retaining and restoring its significant historic features, such as the Portland stone façade and the central dome in the banking hall. The design approach focuses on understanding the relative significance of the listed building and identifying areas of high heritage value to avoid harm. Modern interventions will be concentrated in areas of low or no significance, ensuring that the building’s historic character is preserved while incorporating necessary updates. This sensitive approach allows for the modernisation of the building without compromising its heritage value.
Indicative images

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The team

About
Zedwell Hotels

Zedwell is an affordable hotel brand that offers sustainable and well-designed accommodation in prime city-centre locations.
The hotels prioritise guest well-being with rooms that minimize sensory distractions, air-purifying filters, and carefully considered lighting and temperature controls.
The first Zedwell hotel opened in 2020 in Piccadilly Circus, London, pioneering a new hotel concept focused on comfort, affordability, sustainability and innovative AI-led technology. For more information about this hotel click here.
Architect
Concilio
DP9
Plus Heritage Consultant
Criterion Capital

Have your say

We want to hear your feedback to shape our proposals to revitalise 1 Princes Street

Come along to our drop-in public exhibition or complete the online survey to share your feedback.

Public Exhibition

  • Thursday 6th March 2025
  • 11am-3pm
  • 1 Princes St, City of London, London, EC2R 8BP
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Online Survey

  • Click below to fill in our consultation survey
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Please leave your contact information and a member of the team will get back to you

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