New £109m “green office” to be built in heart of London’s Southbank
A series of building are set to be transformed into new ‘green’ office space in South London.
Investment firm Cain International has agreed a £109m development loan with Barings and LBS Properties for the delivery of an environmentally-friendly office development at 135 Park Street in Southbank.
Situated next to the Tate Modern and Shakespeare’s Globe, the new 146,334 sq ft scheme would provide office space over 11 upper floors alongside ground floor retail units.
Barings and LBS Properties have planning consent for the demolition of the existing buildings and subsequent development, with demolition work due to commence on the existing buildings at the site in Q3 of this year.
Matteo Milan, principal at Cain International, commented: “We believe that offices which place an emphasis on sustainability like 135 Park Street are extremely important and will play a critical role in the future success of leading organisations and cities
“We are pleased to be working with such highly regarded sponsors to support the delivery of a new standard of sustainable office space in London.
“There is no doubt that the asset class is integral for inclusion, diversity and innovation initiatives, as well as developing and fostering both talent and corporate culture.”
Darren Hutchinson, head of UK real estate transactions and managing director at Barings, added: “We acquired this development project having recognized the attractive fundamentals of the local market, the lack of Grade A office space available and the unique opportunity it offered to create a new breed of sustainable work space in a sought after location.
“This development loan from Cain will allow us to realize our strategy and ambition for this site to its full potential and we look forward to working with Cain and LBS in the months ahead.”
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