Orion Capital Managers and Quadrant Estates today announced the appointment of Morgan Sindall as building contractor on Carmelite Riverside, the 135,000 ft² (approx. 12,500 m²) prime riverside office development at 50 Victoria Embankment. Work will start on the redevelopment immediately.
Tristram Gethin, Quadrant Estates said:
"This is a significant step forward and we can now get cracking on what is one of London's most exciting and enviable office locations adjacent to the brand new Blackfriars station. The additional floor delivers more premium office space for occupiers and the 7,500 ft² (approx. 700 m²) roof terrace provides one of the very best views in London. This is what sets Carmelite Riverside apart."
Morgan Sindall will be responsible for the £25 million (approx. 29.8 million) construction of the redevelopment to Grade A standard, which offers river frontage and typical floor plates of 21,000 ft² (approx. 1,950 m²) over eight floors. Carmelite Riverside will be completed and ready for occupation in April 2014. The redevelopment will include new cladding to optimise the building's position and views.
Orion Capital Managers bought Carmelite House last July from Aberdeen Asset Management and entered into a joint venture agreement with Quadrant Estates, as development manager, to develop the building which is the former Daily Mail HQ.
Carmelite Riverside will attract occupiers looking for a Grade A building in a prime riverside location, particularly those from the West End, City and Midtown, where new Grade A stock is in limited supply.
Leasing agents for Carmelite Riverside are CBRE and Knight Frank. The architect is Fletcher Priest.
Source: Quadrant Estates