Rockspring Property Investment Managers ('Rockspring') together with its development partner, Charterfield Asset Management, announces that construction has started on the redevelopment of 24 Monument Street, EC3 which, when completed, will deliver 75,000 ft² (approx. 7,000 m²) of grade-A office space. The new building will be known as 'Monument Place' (formerly Centurion House) and will be constructed by Mace.
Located in the heart of the City of London, the new scheme, designed by David Walker Architects, allows for the comprehensive redevelopment of the existing building to provide a stunning new grade-A office building of approximately 75,000 ft², which also includes two new ground floor retail units, totaling 7,400 ft².
The existing building, which was acquired in December 2010, was originally built in the mid-1980s and consisted of 61,000 ft² of outdated office accommodation.
The plans provide for not only a one third increase in the net lettable area of the building, but also a significant improvement in the quality of the accommodation, with the planned specification including column free space, floor to ceiling windows and an impressive reception/entrance hall.
The floors will enjoy spectacular views of the Monument and the River Thames and the building will have impeccable 'green' credentials, including a BREEAM 'Excellent' rating. Delivery of the completed building is targeted for summer 2013.
Joint agents, Newton Perkins and Knight Frank will be marketing the speculative offices and MMX Retail will be marketing the retail space.
Richard Bains, European Director of Rockspring, said: "This site provides the opportunity to deliver quality grade-A office space into an undersupplied market and we expect to see high demand from a variety of City occupiers who are increasingly seeking the best possible accommodation.
"The stunning new building, which incorporates terraces and an impressive double height entrance, will not only have excellent green credentials, but will also cater for a variety of requirements given the range of floor plate sizes on offer."
Source: FTI Consulting