Le mie ricette per la real estate communityAXA IM Alts announces that it is planning to bring forward the development of a 650,000 sq ft (60,000 sqm NIA) next generation office with exceptional environmental credentials, having exchanged contracts to acquire a long leasehold of 50 Fenchurch Street in the City of London from The Clothworkers’ Company, a 500 year-old livery company and grantmaker. The acquisition will be completed on behalf of clients through AXA IM Alts’ Real Assets platform.
Designed by Eric Parry Architects, the fully consented plans include the retention of the Tower of All Hallows Staining and Lambe’s Chapel Crypt, two historic listed buildings currently on the site, which will form part of extensive new public realm with retail and dining at ground level, while a new Livery Hall will also be delivered for The Clothworkers’ Company as part of the development.
Sustainability and wellbeing are a key focus of the 36-storey people-centric building, which will incorporate innovative vertical urban greening that is designed to mitigate air and noise pollution and improve biodiversity, enabling the scheme to target BREEAM Outstanding and net zero in operation. The building will offer a flexible approach to space coupled with state-of-the-art technology and amenities, presenting the latest features aimed at enhancing occupier health and enjoyment. YardNine will act as development delivery partner for the project with construction due to start in 2024 and delivery targeted for 2028.
Occupying a prime 1.2 acre site in the City of London, 50 Fenchurch sits on the southern edge of the City’s tower cluster, providing unfettered river views to the south and south-east over the Tower of London and Tower Bridge, which future visitors will be able to enjoy from a public roof garden. The asset benefits from unrivalled connectivity, being served by six tube and mainline stations within a ten-minute walk from the site.
AXA IM Alts has first-hand local market insights from its experience at nearby 22 Bishopsgate, where over 1 million sq ft (93,000 sqm) of space has been let little more than a year after the 62-storey vertical village’s completion, reaffirming its conviction in the strength of demand for best-in-class ESG-optimised workspace in the heart of the City of London.
This ambitious project will utilise AXA IM Alts’ significant global development expertise, with the business having delivered more than 300 development projects in Europe since 2000, with a total value of €19 billion euros, and currently has a further €8 billion of schemes underway across nine countries.
Isabelle Scemama, Global Head of AXA IM Alts, and CEO AXA IM Real Assets, said: “Since the pandemic there has been a pronounced increase in demand from occupiers for high quality, sustainable and wellness-focussed offices. We have seen this first hand at our flagship development 22 Bishopsgate which is now 80% let and expect this flight to quality to become even more acute over the coming years as businesses adapt to new working patterns. 50 Fenchurch presents us with another rare opportunity to secure a prime development site in the City of London, which we continue to believe is one of the most desirable office locations in the world. Our team’s track record in development and ability to execute complex transactions quickly and with certainty for the counterparty have been pivotal in securing this new flagship investment. We now look forward to working with The Clothworkers’ Company to deliver a highly sustainable new office development in the coming years.”
Source : Company