AXA Real Estate Investment Managers announces that it has appointed Balfour Beatty as the principal contractor to deliver the final construction phase of Sixty London, a prime London office development. The next phase of work on the grade-A, 215,000 ft² (approx. 20,000 m²) scheme, designed by Kohn Pederson Fox Associates ('KPF'), has commenced, with completion due in summer 2013.
Development Venture III, advised by AXA Real Estate ('DVIII') in partnership with Favermead is speculatively developing the project previously the site of Bath House to ensure delivery into a supply-constrained London office market in 2013.
Since the partnership began in March 2011, AXA Real Estate's UK development team has worked with the design team to evolve the building's design and architecture, among other things increasing the floor area by 20,000 ft², as well as improving the size and presence of the office reception area. The building is targeting a BREEAM Excellent sustainability rating and has been upgraded to achieve an additional 25% carbon saving.
Sixty London benefits from excellent transport links, making it appealing to a wide range of potential occupiers. With access to four underground lines and the mainline rail network, it is the only new London development within 20 minutes from London's busiest mainline railway stations, including King's Cross St .Pancras, Victoria, London Bridge, Euston, Liverpool Street, Waterloo and Paddington. All five of London's airports are also within an hour's reach. It is opposite the City Thameslink station and two minutes' walk from Farringdon, which, upon the introduction of Crossrail, will become one of London's busiest transport nodes. It is also just five minutes' walk from the new shopping centre at One New Change.
In addition to the 215,000 ft² of office space, Sixty London will offer 20,000 ft² of retail and restaurant accommodation on the ground floor and discussions are underway with a number of potential occupiers who would further enhance the building and the local area.
Elsewhere within the City of London, AXA Real Estate is developing 60,000 ft² of new offices with 20,000 ft² of retail/restaurant space and 10,000 ft² of prime residential apartments at 1 St Paul's, as well as 160,000 ft² of new office space at 6 Bevis Marks in conjunction with MGPA and Eurohypo.
Sixty London was the first UK transaction for DVIII which was launched in July 2010 and has raised 588.5 million to date. DVIII seeks to invest across Europe, making use of the specialist local development expertise in AXA Real Estate's teams in the UK, France, Italy, Spain and Germany.
Harry Badham, AXA Real Estate's UK Director of Development said: "Our team has worked incredibly hard over the past year to finalize and enhance the design and specification of Sixty London and to procure a construction program which began last summer that meets our 2013 delivery timetable. We are now very excited to hand over the final construction phase to Balfour Beatty, which has an excellent team and track record, to deliver this fantastic new prime office building."
Source: FTI Consulting