Aviva Investors has acquired the Stylus building located at 112-116 Old Street, EC1, in the heart of London’s Tech City, one of the world-leading clusters for tech businesses and start-ups. The purchase price was not disclosed. The new office development has been constructed behind the retained façade of a former Victorian gramophone factory and is exceptionally energy efficient, having been awarded an EPC energy efficiency rating of A with no fossil fuel usage. Hot water and heating for the site is provided by air source heat pump technology, with solar photovoltaic (PV) panels contributing to electricity needs, reflecting Aviva Investors’ commitment to achieving net-zero emissions by no later than 2050.
The Stylus building comprises over 2,300m² in high-quality office space arranged over six floors and occupies a prime position on the south side of Old Street, in the heart of London’s Tech City. As well as providing contemporary and flexible office accommodation to tenants, the building is equipped with a private outdoor courtyard and the addition of award-winning roof terrace spaces on a number of floors. It is fully let to four occupiers. Tech City is the most established tech cluster in Europe and a London growth sub-market that Aviva Investors believes is likely to experience strong future demand for office space given its ability to attract and nurture talent in the era of knowledge capitalism, along with its scale.
Daniel McHugh, Managing Director, Real Estate, at Aviva Investors, said: “We are pleased to have acquired such a high-quality asset, which combines excellent facilities that will appeal to a host of occupiers, along with a strong location and alignment to our net-zero strategy. Stylus is a great example of how office space can be delivered in a low carbon way making use of a heritage building with a retained façade, zero fossil fuels and outstanding energy efficiency. Despite the size of London’s office market, there is a significant under-supply of grade-A office space such as that offered by Stylus, particularly in the Tech City sub-market centred around Old Street Roundabout. We believe that, together, these characteristics add to the building’s appeal and should make it particularly resilient over the long-term.”