Orion and Quadrant Estates to develop former Daily Mail HQ (UK)

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.

Carmelite cgi July 2012

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

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