Lothbury Investment Management, on behalf of Lothbury Property Trust, has completed the topping out of a prestigious new Grade A office, building at 55 St James’s Street in London’s West End.
This extensive project has seen the existing 1950s office and residential building with a pub at ground floor level completely demolished and rebuilt. Acquired by Lothbury Property Trust in 2011, the site is superbly located in the heart of London’s West End, close to Piccadilly and the Ritz Hotel, and within the St James’s Conservation Area.
Main contractor for the project was Galliford Try. The new construction comprises 23,089 sq ft (2,145 sq m) of Grade A office accommodation on seven floors with a BREEAM ‘Excellent’ rating, five residential units totalling 3,380 sq ft (314 sq m) and a 4,402 sq ft (409 sq m) and a pub/restaurant. Floor plates have been redesigned to provide a 4,693 sq ft typical floor, providing greater flexibility of layout as well as an improved reception and entrance area in order to attract a high calibre of tenant.
Being in a conservation area, the new building is faced with Portland stone on two elevations to match similarly scaled buildings in St James’s Street, with the rear of the building on Arlington Street faced in brick. The building is due for final completion during the second quarter of 2015.
Simon Radford, chief executive at Lothbury Investment Management, said: “St James’s Street is a prestigious investment and key holding for us. Lothbury has an active management strategy of adding to the value of our property portfolio by strategic reconstruction or refurbishment of key assets and this project is an integral part of our approach. We have already had significant interest from potential high profile tenants and look forward to welcoming them to St James’s Street once complete.”
Matthew Pool of Galliford Try, added: “We are very proud to be working on this extremely high quality development and at such an esteemed West End address. There is no doubt it will be one of London’s top office locations built to the highest quality and specification.”
Lothbury Property Trust consists of a combination of core assets comprising prime, well-located, properties secured on strong covenants, generally on long leases, across a variety of commercial sectors, and with very low vacancy rates, complemented by an active portfolio running alongside it.
55 St James’s Street is a key part of the Fund’s active portfolio, which is managed wholly by their own in-house team, generating additional value for investors in Lothbury Property Trust through the reconfiguration and refurbishment of existing core assets and the development of new sites. This strategy contributes to the Fund delivering above average returns to investors.
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