AXA Real Estate submits planning application for major speculative redevelopment in St Pauls (UK)

AXA Real Estate Investment Managers announces that it has submitted a planning application for a major new mixed use redevelopment at 1 St Paul's in the City of London. The plans include a change of use to incorporate residential and retail uses. The redevelopment is part of AXA Real Estate's wider development program, which includes over 500,000 ft² (approx. 46,500 m²) of development in the City of London.

1 St Pauls

1 St Paul's.

The existing building at 1 St Paul's was vacated in May 2011 but the floorplate was badly configured and the plant was at the end of its life, meaning that a major redevelopment was required to bring the building back into line with modern City users' requirements.

Following a design competition, AXA Real Estate selected Sheppard Robson to draw up plans for a complete redevelopment, which includes a prominent new reception and 60,000 ft² of new offices, including a stunning rooftop floor and terrace overlooking St Paul's Cathedral.

The plans include 20,000 ft² of retail/restaurant space, which will further add to the diverse amenities in this part of the City. In addition the proposals provide the potential to develop 10,000 ft² of prime residential apartments. The works have commenced on site and completion is due in early 2013.

Given the high quality of design and specification of the project, together with its excellent transport links in an historical part of the City overlooking St Paul's, it is expected to attract a wide range of tenants, including those who might previously have only considered West End office space.

This latest project in the City, being undertaken on behalf of a single client mandate, is part of AXA Real Estate's wider City development program, which is set to deliver over 500,000 ft² of space during 2013. These projects are being led by AXA Real Estate's UK development team on behalf of a variety of funds, recognizing the value that AXA Real Estate is able to add through the development process.

Across Europe, AXA Real Estate's development specialists have delivered over 250 projects for their clients, with a combined value in excess of €8 billion over the last 10 years.

Harry Badham, UK Director of Development at AXA Real Estate said: "This latest project, combined with our existing development program in the City, reflects our firm belief in the fundamentals of London as a business location, and the potential shortage of quality office supply due to be delivered in 2013."

"1 St Paul's will be one of the best office redevelopments in the City and will further add to the exciting changes that this part of the City has witnessed recently"

CB Richard Ellis and Jones Lang LaSalle are retained agents at 1 St Paul's.

Source: FTI Consulting

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