LaSalle and Trilogy acquire Central London future education and innovation campus

LaSalle and Trilogy have acquired the former London Metropolitan University buildings (made up of 41-71 Commercial Road and Met Works Building), from the Department for Education, on behalf of LaSalle’s growing Value-Add Investments division.

LaSalle is working with Trilogy to refurbish the estate into a leading Central London creative higher education and workspace campus. The parties have acquired the estate subject to more than 40 per cent of the campus pre-leased to Nottingham Trent University’s Confetti Institute of Creative Technologies and Access Creative College.

LaSalle Investment Management and Trilogy Real Estate have announced the acquisition of the former London Metropolitan University buildings, 41-71 Commercial Road and the Met Works Building, in the Aldgate district of the London Borough of Tower Hamlets.

The estate includes 133,163 sq ft (NIA) of innovation and education space set inside two buildings on a one-acre site. The campus had previously been in use as workshops and teaching space for London Metropolitan University. LaSalle and Trilogy acquired the site from the Department for Education in a sale facilitated by the government-owned property company LocatED.

The building was acquired subject to over 40 per cent of the space pre-leased to two providers of further and higher education: Nottingham Trent University’s Confetti Institute of Creative Technologies, and Access Creative College.

LaSalle and Trilogy were advised in the acquisition by strategic real estate consultancy Kauffmans, which also acted to structure the pre-leasing agreement for both occupiers. The refurbishment programme will create a pathway toward a major creative education centre in a growing area of Central London and has been de-risked through a contract with design build company Oktra.

The Commercial Road campus will be substantially refurbished and expanded to circa 150,000 sq ft, leaving 80,000 sq ft of education and creative learning accommodation available for interested occupants.

Robert Wolstenholme, Founder and CEO of Trilogy Real Estate, said: “Trilogy is delighted to be extending our partnership with LaSalle to bring a second major education campus to Tower Hamlets. We previously developed Republic, a 600,000 sq ft campus where education meets business, which demonstrated that London’s youngest and fastest growing borough is a great place to be training the talent of the future.”

Chris Lewis, managing director, LaSalle Value-Add Investments, said: “This investment is a great example of LaSalle’s growing Value-Add Investments strategy focusing on creating urban higher education and science accommodation in major gateway markets.

Jason Beaumont, CEO of Access Creative College, said: “We are thrilled by the opportunity to design and build world-class facilities, alongside a pioneering curriculum in the heart of East London, where our collaboration with employers and higher education will be at the centre of a coherent and connected journey for all our students.”

“We look forward to working with all parties involved, to truly create an unrivalled experience and generate future opportunities for the young people of London.”

By Mark Adair – Correspondent, Bdaily

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