Monday, 13 October 2014
HB Reavis acquires London development in Farringdon Street (UK)
HB Reavis, the leading commercial property developer in Central and Eastern Europe, announces that it has exchanged contracts to acquire 20 Farringdon Street, a prime development opportunity in London’s Midtown. This acquisition is HB Reavis’ second in the UK market and follows the successful purchase of 33 Central, its newly rebranded development at 33 King William Street, in the City of London, in November last year.
The site, which currently comprises a vacant nine storey 3995 m² of office building, has full planning permission for a brand new 12 storey office building totaling 6968 m². HB Reavis intends to commence demolition of the existing building as soon as possible with full build completion of the new scheme expected by early 2017.
The highly energy efficient new building, which is targeting BREEAM Excellent, incorporates floor-to-ceiling glazing around three sides, providing abundant natural light. The top three floors will be set back to create a series of external terraces overlooking Fleet Place, providing an attractive area of open space. HB Reavis intends to use its highly experienced development team to further enhance the proposed designs, with opportunities for value engineering, along with other improvements, having already been identified.
The acquisition is in line with HB Reavis’ stated strategy to acquire high quality development opportunities in London as it expands into the UK. Its debut London asset, 33 Central, is expected to complete in the second half of 2016.
Tomaš Jurdák, Director of HB Reavis UK, said: “This exceptional site has recently received planning consent for a new office building in a location that has seen continued high tenant demand and a record low vacancy rate. We firmly believe that the strength of the area will allow us to evolve the existing designs and deliver a truly remarkable building. The scheme, which will benefit from the new Crossrail station in 2018, will provide much needed Grade A office accommodation, and is designed not only to appeal to traditional City occupiers, who may be seeking a new headquarters, but also to tech and creative companies, many of which have recently taken space in the area.”
Source:HB Reavis Group