…By Judah Olanisebee for TDPel Media.
City Office Block Purchased for £30 Million to be Transformed into Low Carbon Apartments
A city office block, located near the Barbican estate, has been acquired today for £30 million with plans to convert it into environmentally friendly apartments.
Developer HUB and investor Bridges Fund Management have joined forces to carry out this project, taking advantage of the prime location near the City’s largest concentration of homes.
Conversion of a Former Workspace Center:
The building, known as 45 Beech Street, was previously utilized as a serviced workspace center.
This acquisition follows the recent purchase of another office building on Ludgate Hill by the same buyers.
Both properties will be developed by HubCap, a subsidiary of HUB that focuses on reusing buildings with low carbon footprints.
Repurposing Older Office Buildings:
An increasing number of older office buildings that no longer comply with modern environmental standards are being repurposed.
Miles Keeley, principal at HubCap, highlighted the significance of the Barbican area’s legacy in pioneering city center living.
The conversion of 45 Beech Street aims to provide much-needed living spaces that meet current building and energy performance requirements, while respecting the unique character of the location.
Addressing London’s Housing Needs:
Simon Ringer, head of property funds at Bridges Fund Management, emphasized the pressing need for high-quality living spaces in London, considering its growing population.
The partnership between Bridges Fund Management and HUB since 2014 has resulted in various projects aimed at delivering over 3,300 lower-cost and affordable homes, totaling a value exceeding £1 billion.
Consultants and Advisors Involved:
DP9 is acting as the planning consultant for this conversion project, ensuring compliance with regulations and guidelines.
Knight Frank provided advisory services for the deal, facilitating the smooth transaction.
HK London and Michael Elliot acted on behalf of the seller, completing the acquisition process.
The purchase of the city office block and its subsequent conversion into low carbon apartments demonstrates a commitment to sustainable and energy-efficient housing solutions.
The collaboration between HUB and Bridges Fund Management will contribute to meeting London’s demand for high-quality living spaces while adhering to modern environmental standards.
This project highlights the importance of repurposing older buildings to meet the evolving needs of urban areas, creating a positive impact on the community and the environment.