Orchard Street Investment Management LLP, the specialist commercial property investment manager, announces that the redevelopment of 125 Wood Street, close to St Paul’s Cathedral, has commenced. The project is one of only two speculative developments in the prime quadrant of EC2 between the Bank of England and St Paul’s.
Orchard Street is developing the building on behalf of a Pension Fund client. Brookfield Multiplex has been appointed as contractors.
The building is a stunning Aukett Fitzroy Robinson design facing onto Wood Street midway between Cheapside and Gresham Street. The Headquarters style building provides 65,000 sq ft of Grade A offices and is expected to be rated BREEAM “Excellent” when completed in September 2014.
Chris Bartram, Chairman of Orchard Street, said
“we are delighted to have started a project of this quality in a prime area of the City at a time when the signs of rental growth returning to the market are visible. The building will be a long term investment for our Pension Fund client”.
According to Jones Lang LaSalle, year to date take-up is at its highest level since 2007 (3 million sq ft) and levels of active demand are improving as occupiers turn their attention to investing in their businesses. Of the 4.2 million sq ft of speculative development underway in the City, 1.7 Million sq ft is already Pre-let and a further 300,000 sq ft is under offer.
Further details are available from the instructed joint sole agents, Tim Davies of Gryphon Property Partners (0203 440 9800) and Dan Burn of Jones Lang LaSalle (0207 399 5966).
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Orchard Street Investment Management
Established in 2004, Orchard Street Investment Management LLP is a leading specialist commercial property investment manager, focused on the UK market. It acts on behalf of institutional clients world-wide to advise on investing in and the active management of property assets, including industrial, retail warehouses, offices and shopping centres. Orchard Street currently has assets under management exceeding £4 billion.