Railpen, the €40bn investment manager for the UK’s railways pension schemes, has secured planning consent from Camden Council for the extensive refurbishment of 26 Red Lion Square, a 9,902 m² speculative office development in Holborn. This major repositioning is set to deliver top-tier workspace in one of central London’s most strategically connected submarkets, just minutes from both Tottenham Court Road and Farringdon Elizabeth Line stations.
The ambitious redevelopment, designed by Stiff + Trevillion, will upgrade eight floors of office space to Grade A standards, introduce landscaped rooftop terraces with panoramic views across St Paul’s and the West End, and enhance ground-floor amenity space. The scheme also includes new retail and F&B units fronting Theobalds Road, while revitalised façades on Theobalds Road and Red Lion Square aim to elevate Holborn’s architectural landscape.
“We welcome the Council’s decision, which facilitates our plans to deliver a high-quality, sustainable refurbishment of a significant office building that will help address the growing demand from occupiers for Grade A space in Holborn,” said Emily Atkinson, Asset Manager at Railpen. “This is an exciting time for the area, and 26 Red Lion Square will make an important contribution to its ongoing transformation as a prime choice for office occupiers.”
Crucially, Railpen is targeting a BREEAM “Outstanding” rating by significantly reducing energy and water consumption and achieving notable embodied carbon savings by refurbishing the existing structure instead of redeveloping. This aligns with rising investor and occupier demand for sustainable assets that meet rigorous ESG benchmarks, which continue to influence real estate capital flows across Europe.
This consent arrives amid a flurry of activity in Holborn, with developments such as the transformation of Sicilian Avenue and Whitbread’s recent acquisition of 35 Red Lion Square reflecting surging investor confidence. Meanwhile, Camden Council’s planned enhancements to Red Lion Square’s public realm add long-term placemaking value, while an influx of co-working providers like Runway East, Uncommon and WeWork underscores the area’s broad appeal.
Railpen’s London office pipeline continues to expand, with the near-completion of 101 Bayham in Camden and upcoming plans for 12 Smithfield in the City. Its growing mixed-use footprint also includes over 140,000 m² of development in planning or construction across Cambridge, further cementing its position as a long-term player in the UK’s urban regeneration story.
People mentioned:
Emily Atkinson – Asset Manager, Railpen
Companies mentioned:
Railpen – Developer and investment manager
Stiff + Trevillion – Architect
Savills – Leasing agent
Farebrother – Leasing agent
Ridgelift – Development manager
Camden Council – Planning authority
Whitbread – Investor
Runway East, Uncommon, WeWork – Co-working providers
Image source: Railpen *render
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