Private equity real estate company Evans Randall has announced that Central London development company CORE will be managing the proposed extensive refurbishment and extension of 90 Fetter Lane.
Evans Randall acquired 90 Fetter Lane, London EC4 last November from German fund manager WealthCap for £45m (€57m). The £100m (€128m) development scheme falls in line with Evans Randall’s strategy to reposition tired and out of date offices as a multi-occupier workspace suitable for companies in the creative, media, technology, professional or financial sectors. The plans include having a selected group of retail, food and beverage offerings at ground floor level to create a more distinctive experience for the eventual office occupiers.
Kent Gardner, chief executive of Evans Randall Investors said: “We are excited to be working with CORE to create an entirely new identity for 90 Fetter Lane, delivering a contemporary workspace which appeals to the more diversified occupier sectors that Midtown is attracting. We will unlock significant value from the asset by repositioning this building, tapping into a market which is currently undersupplied.
“London’s economy is to a significant extent underpinned by smaller companies, not just new or high-growth companies, but established names which conduct high-value business with comparatively small teams staff. These are very much our target occupiers for this new asset.”
Current tenant, international law firm Bird & Bird LLP, has already announced plans to move to the new premises later this year. The move will allow Evans Randall Investors to take vacant possession of the building, allowing works to begin late 2016, with completion targeted for the end of 2017.
