Union Investment is taking advantage of current market conditions to re-model a building in London's financial district which it acquired in 1992. The company is investing some £30 million (approx. 34.4 million) in the complete refurbishment of Finsbury Circus House, with the aim of turning it into a premium property that meets the highest sustainability standards.
"The current market cycle provides an almost perfect opportunity for refurbishments in prime locations such as this. Repositioning our property will enable us to meet the high demand for energy-efficient core properties in one of the best locations in the City of London."
Work on refurbishing the eight-story property, which was built in the 1980s, commenced in March and will increase the existing office space by 15% to 137,000 ft² (12,700 m²). The building is also receiving a new north facade, which will provide dual entrances from Finsbury Circus and South Place and improve links with the Broadgate and Liverpool Street Station transport hubs.
In addition, it will gain a new top floor during the 18-month refurbishment project, adding a further 11,500 ft² of office space plus a roof terrace overlooking the lush gardens of Finsbury Circus.
Union Investment is aiming to obtain BREEAM 'Excellent' certification for this grade-A property, which forms part of the UniImmo: Deutschland portfolio. The new building will consume around 60% less energy than the existing property.
Source: Union Investment Real Estate GmbH