Clivedale London acting together with H.I.G. Capital has invested in the redevelopment of 20 Carlton House Terrace, an office building totalling approximately 160,000ft² in the core office market of St. James's in London with GDV over €420m (£350m). The company has already started the construction work on the project and is expected to complete it by the end of 2023. The first tenants are scheduled to start moving into the building from January 2024.
The scheme, designed by internationally acclaimed architectural practice Roger Stirk Harbour + Partners (RSHP), will completely re-position the 1970s St James building offering a total net internal area of 160,000ft² of commercial space across 11 storeys. 20 Carlton House Terrace will be a Net Zero Carbon office building benefitting from 13,000ft² of accessible outdoor terraces and private access to the adjoining garden square managed by Crown Estate. In addition, the scheme will incorporate a completely new facade with floor-to-ceiling windows on all sides of the building flooding the floorplates with natural light which is rare especially in this historical part of Prime Central London.
Upon arrival at the refurbished building, future tenants arriving at the main entrance on Carlton House Terrace will be met by a 2,700ft² double-height reception leading directly to a new glazed lift-group, a signature of RSHP, connecting all floors and overlooking a 1,200ft² triple-height top-lit atrium. Sitting at the heart of the revised scheme the wrap-around glass atrium will provide natural light and dramatic volume of space to the floors below.
Sameer Gehlaut, Founder of Clivedale London, commented: "We are delighted to partner with US-based HIG Realty on development of 20 Carlton House. This partnership illustrates Clivedale London's continued focus on execution of prime real estate assets, grounds up to world-class developments."
Riccardo Dallolio, Managing Director and Head of H.I.G. Europe Realty in London, said: "We are delighted to complete this transaction in line with our strategy of investing in institutional quality value-add projects in central London. We believe this asset has the potential of becoming one of the best buildings in Mayfair and St. James's where supply-demand dynamics are particularly favourable for best-in-class office buildings".
Tarun Tyagi, Chief Executive Officer of Clivedale London, added: "This announcement illustrates Clivedale London's continued ambition to diversify our portfolio extending across commercial, residential and hospitality projects and marks not only our third commercial asset but the seventh scheme within our ultra-prime London portfolio."
Chris Zlatarev, Principal at H.I.G. Europe Realty Partners, said: "The transaction demonstrates our ability to structure joint ventures with high-quality partners focused on creating best-in-class buildings. 20 Carlton House Terrace is a build-to-core re-development to provide state-of-the-art offices with futureproof ESG credentials".
Graham Stirk, Senior Design Partner at Roger Stirk Harbour + Partners, commented: "There is no doubt that the pandemic has heightened demand for flexible workspaces focused on the wellbeing of the workforce, something we set out to achieve in the design of this scheme. A focal point of the enhanced proposal was recalibrating the previously labyrinthine internal design, relocating the passenger lifts to create more regular and flexible floorplates. Our vision carefully repositions them on the outside of the building, simplifying the floorplans and enabling occupiers to adapt spaces to cater to creative, collaborative, and productive working. This open floorplan will enhance tenure flexibility, expand the opportunity for high-end amenity offerings and support increased efficiency, all of which will prove key in successfully catering for a post-pandemic workforce."
