Carmelite Riverside, Victoria Embankment, London EC4
We acquired 50 Victoria Embankment in 2012, in partnership with Orion Capital Managers. The office building was previously the headquarters of the law firm Taylor Wessing.
Through to the detailed design stage, we successfully adapted the existing planning consent for redevelopment to generate additional NIA floor area and reconfigure the service core. Rationalising the atrium also added efficiency and greater NIA sq ft.
We leveraged our expertise in the London property market to place a design and build construction contract with Morgan Sindall to deliver the construction within an 18-month construction programme.
During construction, the refurbishment was pre-leased in December 2013 to publishing company Hachette to become its new UK headquarters building.
At the time of pre-leasing, the transaction set a new rental high with commercial terms ahead of the then prime market values.
Subsequent to the pre-leasing to Hachette, and before completion, the asset was pre-sold to China Overseas Land and Investment at a market-defining net initial yield for the type of asset and location.
The refurbishment achieved completion in October 2014.
Carmelite Riverside was designed to achieve BREEAM Excellent accreditation which it secured through a series of mechanical and electrical installation innovations.