Wainbridge Limited, a UK-based property company, announces that it is to undertake the first phase of a major £15 million (approx. €17.7 million) refurbishment of landmark West End office building 1 Trafalgar Square, the first significant update to the property since its construction in 1988.
The refurbishment will comprise expanding the floor plates by way of partially infilling the atrium; refurbishment and renewal of atrium finishes; creation of a new A3 restaurant unit and reconfiguring the entrance to create a spectacular, new, double-height atrium. The building’s image and services will be transformed to that of a new Cat A landmark West End office HQ, revitalizing an important West End building in a unique location, directly overlooking Trafalgar Square.
Collins Construction has been appointed as contractor, and work is due to start on site in April 2013, with a planned completion in May 2014. The work will be undertaken with the existing tenants in situ.
Wainbridge Limited is acting as specialist asset and development manager for 1 Trafalgar Square, which was previously known as Grand Buildings, on behalf of its owner. The atrium infill works will create approximately 12,000 ft² (approx. 1,115 m²) of additional offices increasing the overall space at the property to 223,000 ft² (approx. 20,717 m²).
Current tenants of the office space at 1 Trafalgar Square include National Grid plc, Reed Elsevier and Pramerica Real Estate Investors, while the ground floor retail and restaurant space is occupied by Waterstones, the Korean Trade Centre and Prezzo.
Wainbridge Limited now manages over 1.2 million ft² (approx. 111,483 m²) of space in London on behalf of Wainbridge Global Opportunities London Limited and other third party investors who are seeking to leverage Wainbridge Limited’s skills and experience to maximize the value of their properties.
Rob Rackind, principal and co-founder, Wainbridge Limited, commented: “1 Trafalgar Square is an important landmark office building in the heart of London’s West End, and the opportunity to undertake this first refurbishment of the property since its construction 25 years ago is a real endorsement of Wainbridge Limited’s asset management capabilities. Managing this type of refurbishment with tenants in place is a challenge that few asset managers would be capable of taking on, and we look forward to working alongside the freeholder and tenants of the building to ensure that the project is achieved on schedule and with minimal disruption.
“When the refurbishment is completed, 1 Trafalgar Square will be revitalized and restored to become one of the most desirable office locations in London’s West End.”
Source: FTI Consulting