The Standard Life Investments Pooled Property Pension Fund has started its €89.6m (£80m) speculative redevelopment of the Grade II listed Farmiloe building in London’s Farringdon.
Work is now underway to create a landmark 65,730 ft² mixed-use scheme, including the retention and full restoration of the existing historic building with the stunning internal atrium preserved as the centrepiece. A total of 25,400 ft² of new office space will be added, to create 60,860 ft² of Grade A offices overall. The new building will seamlessly integrate with the original property via a central reception and lift core. This will be complemented by two ground floor retail units of 2,700 ft² in total, accessible from the inside, as well as from outside via St John Street. There will also be 2,160 ft² of affordable office space aimed at start-ups or small companies. Completion is expected in 2019, to coincide with the opening of Crossrail.
Originally built in 1867, the building was the headquarters and showrooms of George Farmiloe & Sons, a prominent glass and lead manufacturer. Since 1999, it has been used as a location for a variety of high profile films, including The Dark Knight, as well as serving as a regular venue for Clerkenwell Design Week.
David Stewart, Aberdeen Standard Investments said: “There are few ‘blank canvas’ buildings of this quality, interest and heritage in London. We’re confident that, with the improvements we’ll deliver, it will have significant appeal for occupiers searching for distinctive space in one of London’s most sought-after locations. That’s why we’re undertaking this speculative development in the capital at this point in the real estate cycle.”
The letting agents are Strutt & Parker and JLL.
