CBRE’s Liverpool Office Agency team has been instructed as sole letting agents by Wirral Borough Council to market 2 Grade A new build offices totalling 147,767 sq ft in Birkenhead. Currently on site, the scheme is earmarked for completion in Autumn 2023, the only new build offices completing in the
Leading independent property advisory firm, Lismore Real Estate Advisors, released its review of the Scottish investment market for the first quarter of 2023, which focuses on the office sector. With prime yields stabilizing, Lismore forecasts growing interest in prime city centre offices, particularly well-let regional offices in cities with limited
The British Council for Offices (BCO) has released an early update to its Guide to Specification, its most recognised publication, providing expert advice on how to specify office space. The update responds to challenges emerging from the pandemic and the accelerating need for the built environment to respond to climate
Employees, especially in open-plan offices, often complain of increased fatigue and concentration problems. Daily noise from conversations, phones, keyboard sounds, and printers has a negative effect on mood and productivity. That’s why many companies are already thinking about how they can quiet offices and provide space for employees to perform
Colliers calls on Government to Provide Greater Support to Tech and Creative industries who will struggle as business rates rise in Revaluation 2023 The 2023 business rates revaluation will come into effect on 1st April 2023, the first of its kind for six years and according to business rates experts
Barings Real Estate, one of the world’s largest diversified real estate investment managers, has leased the 7th floor of its Landmark office development in Manchester to Vanguard, one of the world’s leading investment companies. The move represents the first office outside of London for the investment management firm, which has
GMI Construction Group has been awarded the contract to deliver the first industrial unit at Teesside Airport’s £200m business park. The start on site was announced by Tees Valley Mayor Ben Houchen as he officially opened the firm’s new North East headquarters in Stockton. GMI will begin work early next
Leading flexible workspace prepares to launch its 5th London flex space. Orega, the flexible workspace provider, has completed a new Management Agreement with Thames Estates Limited to create a high spec flexible workspace at Holborn Gate, 330 High Holborn EC1 in the heart of Midtown. The new space will open
The transformation of a landmark building in the heart of London’s Covent Garden reached a significant milestone this week as The Acre ‘topped out’. This hugely complex project will see a 1980s office building transformed into the district’s largest, healthiest and greenest workplace. The dramatic transformation of the building involves
RED Construction London, a regional arm to the main contractor RED Construction Group, has announced its appointment to deliver Barwood Capital’s multi-million pound redevelopment of Explore, the office building in Richmond, south west London, formerly known as Eton House. Explore is set to be repositioned as prime sustainable office space,
CBRE’s Liverpool Office Agency team has been instructed as sole letting agents by Wirral Borough Council to market 2 Grade A new build offices totalling 147,767 sq ft in Birkenhead. Currently on site, the scheme is earmarked for completion in Autumn 2023, the only new build offices completing in the Liverpool City region this year with some of the highest ESG and EPC credentials. The scheme, being developed through the Wirral Growth Company, a 50:50 partnership between Wirral Borough Council and Muse will deliver 2 Grade A, BREEAM Excellent office buildings extending to a total of 147,767 sq ft. Wirral Borough Council will be occupying 65,447 sq ft of Building One, leaving part ground and whole of the 1st floor available extending to 24,144 sq ft. Building Two, comprising 58,176 sq ft of office space is also available. The assets are being built to the highest specification and will provide column free floorplates from 12,500-19,400 sq ft and include VRF air conditioning, metal tiled suspended ceiling, LED lighting, full access raised floor, floor to ceiling glazed elevations, 2.8m floor to ceiling heights, feature reception, showers and cycle hub facilities and will also achieve an EPC ‘A’ rating. Neil Kirkham, Senior Director at CBRE commented “CBRE is delighted to market this truly high quality asset on behalf of Wirral Borough Council. The scheme will be the only new build office completing in the Liverpool City region this year and will provide the quality of product that is missing and in high demand in the market currently. “These are exciting times for Birkenhead, following developments at Wirral Waters, together with the numerous projects Wirral Borough Council is delivering within its Birkenhead 2040 vision including Dock Branch Park, Hind Street Urban Garden Village and further commercial district development such as a new ‘repositioned’ Birkenhead Market. “Not only will the new offices benefit from the highest quality finishes and amenities, they will also achieve some of the highest ESG credentials including BREEAM Excellent, EPC A, Well Gold and Wired Score Gold. From an occupier perspective, this development offers all the key attributes employers and employees are currently seeking, with high quality national retailers and F&B offerings in the adjacent Grange Shopping Precinct and Pyramids Shopping Centre, together with unrivalled transport connectivity, The adjacent bus terminus, Conway Park and Birkenhead Central train stations also provide a two stop service to Liverpool with direct access to the wider Borough and Chester, together with 3 multi-storey car parks within 200m. “Birkenhead has not seen a speculative office scheme in the town centre for 20 years and we are therefore fully anticipating these buildings are going to satisfy a lot of pent up demand for space in the market.” David Hughes, Director or Regeneration and Place for Wirral Council said: “This scheme represents an exciting opportunity for businesses looking for modern, sustainable, first-rate office space in the Liverpool City Region. “These buildings will make a positive contribution to the regeneration of Birkenhead, which is currently undergoing significant transformation through a range of other projects. This development is a testament to our commitment to delivering high-quality assets that meet the needs of businesses and the wider community. “I look forward to working closely with CBRE to bring these buildings to market and to welcoming new tenants to this vibrant and dynamic area of Wirral.” Building, Design & Construction Magazine | The Choice of Industry Professionals
Leading independent property advisory firm, Lismore Real Estate Advisors, released its review of the Scottish investment market for the first quarter of 2023, which focuses on the office sector. With prime yields stabilizing, Lismore forecasts growing interest in prime city centre offices, particularly well-let regional offices in cities with limited supply, such as Edinburgh and Bristol. Colin Finlayson, director of Lismore said: “Despite limited supply and challenging conditions for new development, strong demand exists for high-quality office space, which creates opportunities for investors to underwrite rental growth. Yield levels are currently comparable to their long-term averages, making them attractive to long-term investors. Across Scotland, city centre offices show the greatest occupier demand, with potential for refurbishment/repositioning. To stay relevant in the market, retain existing tenants and achieve rental growth, owners of existing assets must invest in improving their ESG credentials and amenities. These improvements are also necessary to maintain liquidity in the investment market.” With an expert view on the market, Andy McKinlay Chair of Ediston Real Estate added: “In the city office markets, supply and demand dynamics are key, in order to achieve investor expectations and development success. The market will become more polarised, leading to a more pronounced pricing differential. “Prime, well-let, new builds with modern occupier-led space and strong sustainability credentials will continue to attract occupiers and trade well. Peripheral buildings can work, but only if repurposed to meet the necessary ESG and wellness credentials, whilst secondary office values need to fall further to reflect post-pandemic demand and capex. Buildings delivered over five years ago are overpriced and lack the necessary ESG credentials.” According to recent research conducted by Lismore, 56% of investors do not anticipate an increase in transaction volumes in the prime office sector during 2023. However, investment managers are more positive, with 56% expecting volumes to increase. However, there are concerns about the quantity and quality of stock being brought to market and the gap between vendor and buyer pricing aspirations. Regarding values, the overwhelming majority of respondents (83%) do not believe that values have fallen sufficiently for added value office space, and they need to see further reductions before revising the sector. An improving debt environment may lead to leveraged investors considering the sector, and those willing to be bold are likely to benefit from discounted deals. The consensus from respondents is that hybrid working is a structural change in working habits, with 56% of respondents expecting it to remain, while 37% expect an increase in the move to work from home, at least for part of the week, over the next year. Businesses are reacting by consolidating their office footprints while providing substantially improved office environments. Looking across Scotland, in office markets in each of the three major Scottish cities is very distinct in terms of occupational demand drivers, and investor sentiment. Edinburgh is benefitting from a broad base of occupier demand, with financial and professional services particularly active currently. This is against a background of low supply, resulting in rental growth. Vacancy rates are low across all grades (particularly in the city centre). This may defer the refurbishment of some buildings which are becoming obsolete, as owners are able to maintain income in a market with low supply. Investor sentiment has settled for prime and investors are actively looking for refurbishment opportunities, though there is a mismatch between sellers and buyers pricing. In the west, Glasgow has traditionally been more reliant on the public sector and corporate occupiers, and both sectors are currently quite inactive on new acquisitions while they work out longer-term space needs. One area of the market that is letting quickly though, is where landlords are offering more flexible and Cat B-fitted options. We expect to see more landlords adopting that strategy as a drive to fill vacant space. With investor sentiment currently being closely tied to occupational trends, the yield gap between Edinburgh and Glasgow has widened and the investor pool is shallower. At an occupational level, Aberdeen is showing genuine signs of improvement. Headline supply levels remain stubbornly high, however, a reasonable proportion of the total supply is effectively obsolete and requires re-positioning or demolition. Good quality stock is gathering letting momentum, both in and out of town and, with the backdrop of little planned new development, dynamics could continue to improve. At an investment level, the city remains low on buyers shopping lists, however, recent transactions such as the sales of Kings Close and Johnstone House provide considerable yield compensation for the more opportunistic and income-focused buyer. The full LISMORE QUARTERLY REVIEW including Research Findings & Expert Views is available to download from: HERE Building, Design & Construction Magazine | The Choice of Industry Professionals
The British Council for Offices (BCO) has released an early update to its Guide to Specification, its most recognised publication, providing expert advice on how to specify office space. The update responds to challenges emerging from the pandemic and the accelerating need for the built environment to respond to climate change. The update advises designers how to create healthier offices that support changing working patterns, while reducing carbon emissions. New recommendations include: Reflecting the world of hybrid work The BCO has updated its guidance on space allowed for each employee when designing a speculative office building. 10m2 per person is recommended as the occupancy density design standard for general workspace. The former high occupancy density allowance of 8m2 per person has been redefined as a special use case for exceptional cases. Designing for the 10 m2 per person occupancy density provides greater scope for the variety of workplace settings needed to support hybrid working. It also avoids overdesign of core services, improves floorplate efficiencies, and minimises carbon emissions. The effect of changing technology The greater use of low-powered tablets, laptops, and smart phones, plus growth of cloud computing has allowed a reduction in small power load allowances 100 W to 60 W per person. This reduces the heat generated in the office space, which in turn reduces the cooling needed. Supporting the office sector to achieve net zero carbon Many developers already target BREEAM ‘Outstanding’ for new offices. Reflecting the rapid progress in the sector in adopting more demanding sustainability targets, the Guide is moving its minimum BREEAM target rating from ‘Very Good’ to ‘Excellent’, and introduces the latest building certification standard, NABERS UK – an energy performance rating relying on measured energy use. The update recommends targeting a 5-star NABERS UK rating for new building design. Market trends have fuelled a desire to create flexible, relatively column-free, open-plan offices. However, the structural solutions needed can be carbon intensive. The 2023 update to the Guide aids the future adoption of alternative structural materials such as timber by adding smaller 6.0 and 7.5 m spans to the recommended range. This wider range provides designers with more options to minimise the embodied carbon of the structure. The selection of high-performance facades, lighting and building services systems should also be made with net zero targets in mind, prioritising energy efficiency. Richard Kauntze, Chief Executive of the BCO, said: “The BCO Guide to Specification often described as the ‘design bible’ for the office sector is an essential resource for the decision makers who invest in, develop or design millions of square feet of office space every year. The 2023 Update will drive the decarbonisation of the office sector, enacting change to help the industry deliver on the UK’s net zero by 2050 target. This new guidance for the highest-quality offices introduces more generous space standards and greater design flexibility to support wellbeing and sustainability as the office sector adapts to the world of hybrid work.” Neil Pennell, Chair of the BCO’s Technical Affairs Committee and Head of Design Innovation and Property Solutions at Landsec, said: “The BCO’s new guidance reflects changes in design thinking since 2019 driven by Net Zero Carbon targets, increased hybrid working post COVID-19, changes in regulations and improvements in equipment performance. There is a clear imperative to adopt a whole-building approach to decarbonise the sector which needs to start with the design and specification of new and refurbished office space. Developed in collaboration with the UK’s leading experts, the BCO Guide to Specification gives clear advice on how operational and embodied carbon can be reduced without compromising the need to provide flexible office space that meets the needs of occupiers and helps them to conduct their business in safe, healthy, comfortable and productive workspaces.” The BCO Guide to Specification update has been developed in consultation with experts from across the industry, including agents, investors, occupiers, and developers. Building, Design & Construction Magazine | The Choice of Industry Professionals
Employees, especially in open-plan offices, often complain of increased fatigue and concentration problems. Daily noise from conversations, phones, keyboard sounds, and printers has a negative effect on mood and productivity. That’s why many companies are already thinking about how they can quiet offices and provide space for employees to perform their duties comfortably and productively. Several solutions are available to minimize noise in the workplace and create spaces that are effectively isolated from their surroundings. Read the article and learn how to provide pleasant acoustics for work. In the office like a beehive – what are the sources of noise in the company? In large corporate spaces and open-plan offices, various types of noise make it difficult to work efficiently. The noise comes not only from phone calls or lively discussions. It has four sources: The permissible noise level in the office is regulated by the PN-N-01307:1994 standard. According to this, it should not exceed: In search of silence – how to deal with noise in the work environment? Today’s range of office equipment provides many ways to reduce noise in the workplace. There are office walls with sound-dampening properties, panels and mats, as well as modern and multifunctional Hushoffice acoustic booths . With them, everyone can find a solution that suits their needs and significantly improves the comfort of the office. Proper positioning of desks vs. noise Too small spacing between desks can lead to increased noise and unnecessary disturbance to other workers. The optimal distance between workstations should be at least 1.5 meters. If it is closer, acoustic panels can be considered. It’s also a good idea to move or separate desks from noise sources such as printers, shredders and air conditioners. Properly setting up workstations is a compromise between providing privacy and the ability to communicate. Organize places for teams to meet Team meetings are part of the daily routine in many companies. If adequate space for meetings is unavailable, they can negatively affect the noise level in the office and the comfort of others. Consider a separate room or the use of special hushAccess.L conference booths for holding meetings and business talks in a quiet and private atmosphere. Depending on the chosen configuration, they can accommodate up to 6 people. The interior is equipped with electrical outlets and USB ports for charging mobile devices, as well as a ventilation system to ensure adequate air circulation. Installation of hushAccess.L acoustic booths is very simple and fast. The right place to make phone calls Nowadays, working in an office requires communicating with clients and colleagues remotely. However, making phone calls in open spaces can be problematic due to ambient noise and interference with others. The solution is to set aside special zones for this purpose. These can be well soundproofed rooms close to workstations so that you can quickly walk to them, or hushPhone soundproof phone booths . This type of solution not only enhances convenience, but also helps maintain the privacy and confidentiality of sensitive phone calls. Arranging a quiet zone To ensure proper acoustic conditions, consider arranging a quiet zone. Such a space allows employees to isolate themselves from their surroundings and focus on work that requires a lot of concentration. The quiet zone can consist of several individual workstations or modern acoustic booths for individual work. Inside the booth are special materials that absorb sound and prevent noise from spreading outside. Green walls versus noise Greenery in the office not only brings a pleasant atmosphere and aesthetics to the interior, but also helps reduce noise. Plants absorb sound, as well as help reduce stress levels and improve air quality. GreenWalls are the perfect complement to acoustic booths and are in line with a biophilic design, which is gaining great popularity.
Colliers calls on Government to Provide Greater Support to Tech and Creative industries who will struggle as business rates rise in Revaluation 2023 The 2023 business rates revaluation will come into effect on 1st April 2023, the first of its kind for six years and according to business rates experts at Colliers could have a material impact on the provision of affordable workspace in the capital, historically located in the “fringe” locations. This is because rents and hence rateable values in fringe locations such as Hackney, Southwark and Hammersmith & Fulham have increased at a greater pace than in historic ‘core’ office locations such as the City, Islington and the West End, and those fringe locations have now become equally or in some cases more expensive locations than those in the Central London core. According to Colliers, this is pricing some office occupiers out, particularly those in the creative and tech industries. Colliers reports that the City core has seen rents increase 21% over the last ten years compared to a 50%-60% growth in the fringe areas. Subsequently the gap between core and fringe has been closing. Ten years ago, there was a 30% gap between average core and fringe rents, and by the first half of 2022, this gap was non-existent. Similarly since 2010, business rates in fringe areas have more than doubled. And in April’s 2023 revaluation we are looking at even further rises. Offices in Hammersmith & Fulham for example will see on average a 11.7% rise in their rateable value (and hence rate bills), in Southwark a 11.4% rise and in Hackney office rates are increasing 21.7%, much greater than the 2.1% rise in the City, the 8.2% rise in Westminster and even a drop of 3.4% in Islington. As Alex White, Director of Rating in Colliers London Team said, “The revaluation will therefore have a disproportionate impact on the fringe areas where occupational costs- rents and rates in particular are rising. Added to increased energy costs, one can see how some of the smaller business occupiers might struggle. These new business rates rises could very well create a barrier for affordable workspaces in these fringe locations.” And moving further out into Greater London will not solve the problem since as Colliers points out, the revaluation will also bring will be some substantial rises in business rates for suburban offices. Sutton will see a +24.5% rise, Kingston +27.2%, Brent +17.7% and Croydon +22.6%. London is not alone, Colliers points out that some UK cities office stock will also see substantial business rates rises with Oxford expected to see a 51.2% rise, Cambridge +31.6% and Manchester +26.1% – all areas associated with life science and high growth tech businesses. Alex White continued, “The London Plan gives greater significance to the importance of affordable workspaces and the need to provide for these in the planning process and many local authorities are including policy within their local plans, together with thresholds and requirements for developers. But it will all be meaningless if businesses aren’t able to afford to take on these new buildings, even with their rents reduced by the Plan. This is due to the sizeable cost associated with business rates. And it looks like this situation is going to get worse rather than better. Business rates could certainly impact the viability of such affordable schemes moving forward”. White also points out that the current business rates relief system also does little to support affordable workspace. Business rates relief is only available to ‘small businesses’ that occupy self-contained units capable of being separately valued and falling under a Rateable Value threshold of £15k. After the 2023 revaluation this will, in many central London areas, only benefit those occupying less than 205 sq. ft of self-contained space with no benefit for open-plan or shared areas. John Webber, Head of Business Rates at Colliers continued, “With the multiplier at current high levels, this really is something the Government should look at as a key part of its promise for ongoing reform. We believe there are wide benefits of supporting affordable workspace schemes in the city fringes both from an economic and social viewpoint. It is crucial that London remains at the forefront of the UK’s tech, creative and life science sectors. We have recently seen how vulnerable these industries are with the Government needing to step in to help facilitate the sale of Silicon Valley Bank UK to HSBC. As Chancellor Jeremy Hunt said, “ When you have very young companies, very promising companies, they’re also fragile.” Business rates could be another serious threat. We really must not price such businesses out of the market.” Building, Design & Construction Magazine | The Choice of Industry Professionals
Barings Real Estate, one of the world’s largest diversified real estate investment managers, has leased the 7th floor of its Landmark office development in Manchester to Vanguard, one of the world’s leading investment companies. The move represents the first office outside of London for the investment management firm, which has more than 900 staff across European offices. The global investment management firm has signed a 10-year lease for the 14,013 sq ft 7th floor at Barings’ 180,000 sq ft Landmark office building on St Peter’s Square in Manchester. Vanguard has been attracted to Manchester by the opportunity to access the exceptional pool of talent in the city, and to add additional operational capacity for its European business in an exciting new location, in one of its fastest growing markets. With this latest letting, circa 70,000 sq ft has been leased at Landmark in recent weeks to Starling Bank, Santander UK, RSM and Xero with only 3 floors now remaining available. Vanguard will join additional global occupiers HSBC UK, Allianz Insurance, Grant Thornton, JLL and social enterprise Change Please in the building. Barings credits the success of its BREEAM Excellent and Wired Score Platinum development to the keen attention paid to technological infrastructure, sustainability, well-being and customer experience. Features such as contactless technologies enabling touch-free movement within the building, a dedicated cycle storage and maintenance hub, high-quality showers and changing facilities, electric car charging spaces and Amazon lockers for package delivery and returns all add to the world-class environment. Ian Mayhew, Managing Director, UK Asset management at Barings, said: “To be the home of Vanguard’s first regional office is a huge coup and continues a very strong run of lettings at Landmark. We’ve worked really hard putting all the building blocks in place to provide an exceptional workspace and building experience. We are pleased this is being recognised by occupiers and we are continually evolving our offer to ensure that we are leading from the front.” Sean Hagerty, Head of Europe, Vanguard said: “We are delighted to confirm we plan to expand our footprint in the UK, and open an office in Manchester. The office will allow access to a new talent pool, and help us serve investors across the UK and Europe.” Leasing agents for Barings were CBRE and Colliers. Vanguard was advised by JLL. Building, Design & Construction Magazine | The Choice of Industry Professionals
GMI Construction Group has been awarded the contract to deliver the first industrial unit at Teesside Airport’s £200m business park. The start on site was announced by Tees Valley Mayor Ben Houchen as he officially opened the firm’s new North East headquarters in Stockton. GMI will begin work early next month on the 25,000 sq. ft unit situated on the south side of the airport. Three further units are due to be constructed later as part of the first phase of development, including direct access from the A67. Once fully operational, the business park is expected to create up to 4,400 jobs, and will be made up of logistics, distribution and industrial buildings. Speaking at the official office opening at Cavendish House, Ben Houchen said: “Spades will be in the ground in a matter of weeks and the first unit should be up and running ready for business by the end of the year. Creating more jobs and bringing in rent to help us get our airport into profit. “I’ve always said that whilst important, our airport is so much more than flights to Alicante, and this is just another example of how our airport is supporting local businesses and benefiting local people.” “It’s great that GMI are growing and setting up new offices in Teesside creating good-quality, well-paid jobs for local people. GMI, one of the largest independent construction firms in the North of England and the Midlands, initially established itself at Fusion Hive in Stockton in 2021, but quickly outgrew the space as its staff expanded in response to a pipeline of major projects. Its 25-strong construction management team now occupies 5,200 sq. ft of space on the third floor of Cavendish House in Stockton, which the company itself built in 2002. The Mayor also has a strong connection with the riverside building – having occupied the same space, along with the Tees Valley Combined Authority (TVCA), prior to moving to new offices at the airport. Gary Oates, appointed to the newly created position of Divisional Managing Director North East, in January, said the investment in Tees Valley and the wider region reflected the area’s significance to the business. He said: “We chose the Tees Valley for our North East office because of the many exciting developments that seek to re-establish this area as an economic powerhouse and we are proud to have been selected to deliver the first unit of this prestigious Teesside Airport development. “Moving to Cavendish House gives us the capacity to expand our headcount in the coming months and years as we respond to an ever-growing pipeline of work. “I’d also like to thank Ben personally for making the decision to move the offices of the Mayor and TVCA to Teesside Airport and, in doing so, freeing up this fantastic space for a business that aims to be at the forefront of levelling up in this region.” GMI Construction Group has forged strong links in the North East over many years, having built the 450,000 sq. ft Thorn Lighting factory at Spennymoor, and the Centre of Excellence in Sustainable Advanced Manufacturing (CESAM), part of the International Advanced Manufacturing Park (IAMP) at East Boldon. It is currently principal contractor on several high-profile North East projects, including 362,600 sq. ft of commercial units at Hillthorn Business Park, Washington, and the 650,000 sq. ft Connect warehouse and logistics scheme at the Integra 61 development, near Bowburn, Durham. Building, Design & Construction Magazine | The Choice of Industry Professionals
Leading flexible workspace prepares to launch its 5th London flex space. Orega, the flexible workspace provider, has completed a new Management Agreement with Thames Estates Limited to create a high spec flexible workspace at Holborn Gate, 330 High Holborn EC1 in the heart of Midtown. The new space will open in early Summer 2023. The 33,500 sq. ft flexible workspace will be newly refurbished to provide around 550 workstations on the 1st and 5th floors of the building. In addition, there will be substantial collaboration and meeting spaces. Holborn Gate is a highly prominent office and retail building comprising approximately 175,000 sq. ft and was recently acquired by Thames Estates Limited in November 2022. The building is less than a minutes’ walk from Chancery Lane station, giving access to the Central Line, and is less than a ten-minute walk to Farringdon Station which gives access to the Circle, Hammersmith & City and Metropolitan lines and is a key interchange on the Elizabeth Line. It is close to many local amenities including restaurants, coffee bars, gyms and hotels within a short walk. The area appeals to a wide tenant mix: it is home to many large corporate and legal and other professional firms including Sainsburys, Deloitte UK, Hogan Lovells, Mishcon de Reya and Irwin Mitchell. The Fleet Street Quarter bid is set to transform the area which will only enhance its desirability. The new workspace is designed to be a modern, flexible base for the area’s professional and financial businesses, and will offer brand new: It is the fifth flexible workspace that Orega has launched in London and the fourth in the Midtown. The company now offers flex space from 23 locations across the UK and is the UK’s leading provider of flexible workspace under Management Agreements (as opposed to leases). Ben Hutchen, Real Estate Director at Orega, commented: “We have seen great opportunities for flex space in both Midtown and the City of London, and we now have five flexible workspace centres in London as a whole. This acquisition certainly bolsters our Midtown presence.” We believe we are successfully catering for the demand from businesses who are increasingly looking for a flexible way to occupy property but also require high quality “state of the art” space. We believe this trend will continue with the current economic uncertainty and reluctance of businesses to be tied into long leases.” BH2 advised Thames Estates Limited. Building, Design & Construction Magazine | The Choice of Industry Professionals
The transformation of a landmark building in the heart of London’s Covent Garden reached a significant milestone this week as The Acre ‘topped out’. This hugely complex project will see a 1980s office building transformed into the district’s largest, healthiest and greenest workplace. The dramatic transformation of the building involves a series of interventions that retain over 80% of the existing structure while transforming its identity and performance. That work includes replacing the current building’s corner block with a taller structure, ‘infilling’ two existing forecourts where there was previously unused spaced with two 10-storey blocks and adding two extra storeys onto another block. The primary purpose of the building will continue to be to provide workspace, alongside new retail units at street level. The retention of structure will reduce the embodied carbon emissions by half compared with new-build proposals and save 4,250 tonnes of CO2. When construction is complete The Acre will boast 240,000 square feet of workspace and 20,000 square feet of amenity and retail space. It will be net-zero in operation with the fully-electric building being supplied from renewable energy sources. Rainwater will be collected on the rooftop and re-used, reducing water consumption by half compared to a typical building of this type. Designed with modern occupiers in mind, The Acre will also have fully openable windows to give tenants greater control of the environment, increasing natural light and ventilation. Over 350 cycling spaces will be available to take advantage of The Acre’s position on Quietway 1, the main cycle route north to south through central London. Eight large terraces will offer green spaces with spectacular views across the skyline of central London. Lendlease Construction is delivering The Acre project, which is being advanced by development manager Platform on behalf of Northwood Investors with Gensler as the architects. The project aligns with Lendlease setting itself stretching carbon targets, including a commitment to becoming a 1.5°C aligned company and achieving Absolute Zero Carbon, with no excuses and no offsets, by 2040. Quote attributable to Simon Gorski, Managing Director for Lendlease Construction: “The Acre promises to be a cutting-edge workplace, designed to the highest standards of sustainability and offering unparalleled levels of wellbeing for its future tenants. I’m proud that we’ve been able to work together collaboratively with our partners Platform, Northwood Investors and Gensler to retain so much of the existing structure and are helping rethink the future of workplace in central London.” Quote attributable to Richard Strachan, Senior Vice President of Asset Management at Northwood Investors: “We’re proud to see The Acre reach this milestone. As Covent Garden’s largest workspace it will not only provide tenants with the highest quality office space in the heart of the city’s cultural quarter, but the retention of the existing structure contributes significantly to London’s Net Zero targets by reducing embodied carbon to that of half a new build development. The team is delivering a new healthy and green landmark for Covent Garden.” Building, Design & Construction Magazine | The Choice of Industry Professionals
RED Construction London, a regional arm to the main contractor RED Construction Group, has announced its appointment to deliver Barwood Capital’s multi-million pound redevelopment of Explore, the office building in Richmond, south west London, formerly known as Eton House. Explore is set to be repositioned as prime sustainable office space, with a 45,000 sq ft transformation. RED Construction London has been selected to undertake the redevelopment, targeting BREEAM Excellent and an EPC A rating, with a Fitwel two-star certification and WiredScore Gold for digital connectivity. The works involve modernizing the existing building, installing an additional top floor of accommodation with a roof terrace, and an external garden of 4,200 sq ft on the ground floor. Other amenities in the space will include 42 cycle parking spaces, electric vehicle charging points, as well as a gym and spinning studio, with changing rooms and showers. The regeneration of Explore aims to provide a more elevated office experience, with an emphasis on creating a space that supports employee mental health and wellbeing. Sustainability in terms of energy efficiency and biodiversity are also a big focus for the new office building, to be achieved through enhanced greening and planting opportunities within external and private spaces. Mark Iori, Operations Director at RED Construction London, commented: “The redevelopment of Explore is a strong representation of what RED Construction London does best, with sustainable construction and functional reimagination of spaces, something our team is well versed in. We will be creating an environment that evolves the workplace, embedding employee mental health and well-being focuses in its design. That reflects our company culture, so we are thrilled to be working with Barwood Capital on this project.” Adam Smith, Asset Management Director at Barwood Capital, added: “Demand for high-quality office space in the capital continues to grow and the redevelopment of Explore will offer an ideal HQ for forward-thinking businesses. RED Construction London’s track record and redevelopment portfolio was a major factor for the company’s appointment on this project, and we are looking forward to watching them bring the new building to life.” The news follows RED Construction London’s recent appointment to deliver residential accommodation within Townsend House, ITC Properties’ £17m redevelopment in London’s Victoria district. Located at 5 Greycoat Place at a prominent junction of the City of Westminster, the detailed fit-out project sits within the wider 35,500 sq ft Townsend House development which serves a mix of commercial and residential purposes. Building, Design & Construction Magazine | The Choice of Industry Professionals
