24 Oct 2011, 2:58 pm
The £115 million City development will be delivered by a joint venture partnership between AXA Real Estate, fund manager MGPA and German bank Eurohypo.
The City centre development includes floor plates ranging in size from 6,000 sq ft to 13,000 sq ft, which it is hoped will make the development suitable for a broad range of clients on a single or multi-let basis, the developer said.
Plans for the scheme include 160,000 sq ft of Grade A office space, which will be spread throughout most of the building. On the ground floor, there is provision for 12,000 sq ft of retail space.
Construction is expected to commence at the beginning of 2012, with City Office Real Estate acting as development partner. The development is expected to be finished in the autumn of 2013 and is targeting a BREAAM ‘Excellent’ sustainability rating, the Joint Venture said.
AXA Real Estate and MGPA each own a half share of the site and Eurohypo, the lender to the previous owners of the site, will provide development finance towards the expected £115m total development cost. Further equity will be provided by AXA and MGPA.
