The property was acquired by the joint venture in November 2014 from Topland. The terms of the deal were undisclosed but it is understood the price agreed was in excess of £40m (€55m). The building, originally developed by Land Securities in 1991, is let to the Association of British Insurers on a 25-year lease expiring in March 2016.
The joint venture partners have consent to increase the current 85,000ft² (7,896m²) building to 121,000ft² (11241m²). The Fletcher Priest-designed nine-storey scheme involves two new floors and expansion of the lower six floors. It will infill the existing atrium, create a new ninth floor roof terrace, and introduce a new main office entrance on the corner of Gresham Street and Wood Street.
Beltane co-founding partner Jonathan Chenery said: “This scheme will create a new corporate headquarters building in one of the City’s most prestigious locations close to the Bank of England, with iconic views of London from the new roof terrace. Construction is expected to begin in April of next year with practical completion due in the last quarter of 2017.”