Barings has secured planning consent to add two floors to 25 Moorgate, a Grade A office building in the City of London, as a part of a comprehensive refurbishment programme that will deliver a c. 7,386m2 of best-in-class space to the market upon completion in Q4 2024.
This planning consent from the City of London Corporation allows a comprehensive refurbishment of the building that will offer modern, high-spec, ESG-focused office space, two new floors and over 418m2 of terracing across four floors. Blenheim House Construction has been awarded the main construction contract.
Situated close to the Bank of England and the Moorgate entrance to the Elizabeth line station at Liverpool Street, with further local and national transport links nearby, 25 Moorgate will offer c. 6,690m2 NLA offices including a c. 232m2 redesigned reception area and the terrace space. Barings acquired the asset on behalf of its Barings Real Estate European Value-Add II (BREEVA II) in March 2022 and is now refurbishing the space alongside development manager LBS Properties and architects Morrow + Lorraine.
The building is undergoing a major refurbishment, which will see it target BREEAM Outstanding certification, an EPC A rating, WiredScore Platinum accreditation, and Nabers 4.5 Star rating, while the retrofitting of an existing building is in line with the LETI 2030 principles and creates less upfront carbon (A1-A5) than a newly constructed building. In addition, 25 Moorgate is WELL Platinum enabled and has achieved SmartScore Platinum.
The successful planning consent, which coincides with the beginning of the pre-letting campaign by joint agents JLL and Cushman & Wakefield follows a series of milestones for Barings’ central London office schemes. This includes taking Capital House near Bank Station to full occupancy following its comprehensive refurbishment, and TIDE Bankside, Barings’ net zero carbon scheme also in collaboration with LBS Properties, becoming available to pre-let.
Paul Smith, Director, UK Asset Management, at Barings, said: “25 Moorgate is set to be an excellent example of the results that can be achieved from a comprehensive refurbishment of a building to create a best-in-class ESG product, with a targeted BREEAM rating of Outstanding that will put it in the top 1% of the UK’s most sustainable buildings. With Capital House at 85 King William Street now fully occupied and both TIDE Bankside and 25 Moorgate becoming available to pre-let, we remain confident in the attractiveness of workspaces with prime ESG credentials in prime locations and look forward to achieving further milestones across our central London office developments and refurbishments.”