Commercial Property News

Plans unveiled for £200m City of London project

Plans have been revealed for a 245,000-square foot Grade A office building at 80 Fenchurch Street, Central London.

The proposals were unveiled by global private markets investment manager Partners Group as part of a joint venture with Marick Real Estate.

A site purchase for the project was completed at the end of April and demolition of the current vacant building is set to take place at the end of June 2015, with the total cost of the project set to reach as much as £200 million.

The finished office will be 14 storeys high, with the detailed design developed by architects TP Bennett and will be tailored to the highest possible specifications.

One of the most striking features will be an impressive tiered roof garden and designs will be enhanced by Marick so that they meet full BCO 2014 compliance and an "excellent" BREEAM rating with increased structural grid spans.

Construction on the new structure will begin in the early part of 2016, ahead of potential completion in the first quarter of 2018.

Knight Frank and JLL will take on the role of office leasing agents.

Angus Goswell, partner, City leasing team, Knight Frank, said: “The location of the building is superb, ideally located on a key “bridge” pitch linking the core City markets with the fast emerging TMT driven eastern sector.”

Neil Prime, head of office agency at JLL added that the project was arriving at a "great time" in the market cycle - a view shared by Stuart Keith, vice President, Private Real Estate, Partners Group, who said: "The recent rebound in the UK economy has created a significant supply-demand imbalance in the City of London in terms of Grade A office space, with vacancy levels close to historic lows and rents steadily climbing. 80 Fenchurch will be perfectly placed in terms of location, timing and quality of build to capitalize on this attractive market opportunity."ADNFCR-1203-ID-801789406-ADNFCR

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