Orion Capital Managers has bought the former Daily Mail HQ in the City with Quadrant Estates named as its development partner. The 120,000 ft² (approx. 11,148 m²) grade II-listed Carmelite building at 50 Victoria Embankment, EC4, was sold as a vacant building by clients of Aberdeen Asset Management.
Designed by architects Fletcher Priest, the building will offer 20,000 ft² office floor plates.
The Thameside site, which was previously Taylor Wessing's HQ and originally built in 1992, has consent for a redevelopment providing 130,000 ft² (approx. 12,077 m²) of net office space.
Quadrant and Orion intend to comprehensively refurbish the existing building starting on site in January next year to provide a BREEAM 'Excellent' building with completion targeted for mid-2014 and a gross development value of £120 million (approx. 152 million).
Designed by architects Fletcher Priest, the building will offer 20,000 ft² (approx. 1,858 m²) office floor plates, targeting occupiers from the West End, Mid-Town and the City looking for grade-A space.
Aref Lahham, Managing Director and Founding Partner of Orion Capital Managers commented:
"We are confident the space will attract tenants at a time when a number of long leases expire in buildings that will no longer be fit for purpose."
Tristram Gethin, Managing and Founding Director of Quadrant Estates, added:
"Carmelite is a prime, Mid-Town HQ building in an enviable location overlooking the Thames. The West End, Mid-Town and City all have limited supply of grade-A office space and this location is increasingly seen by many occupiers as a viable alternative to the West End. We are expecting demand from occupiers looking for first class offices in a prime riverside location."
Knight Frank acted for Aberdeen Asset Management and CBRE acted for Orion Capital Managers and Quadrant Estates
Source: Aylwin Communications