Legal & General unveils new Â£65m Covent Garden development.
29 July 2011
- CGI’S of Agar Street redevelopment unveiled as LGP starts onsite, following the appointment of construction partner, Morgan Sindall
- The only major Covent Garden redevelopment due to complete in 2012
Legal & General Property (“LGP” / the “Company”), on behalf of its Managed Property Fund, is pleased to announce the start of construction on site at its high profile Covent Garden scheme, 6 Agar Street, following the appointment of leading UK construction and regeneration group, Morgan Sindall. The 55,000 sq ft office development will be delivered to the market in September 2012, when supply of new, Grade A, West End space is predicted to be particularly constrained, and will be the biggest development scheme in Covent Garden due to complete in 2012.
The major redevelopment of this six-storey historic West End office building, part of the former Strand Island site, creates an entirely new office building inside the preserved facade, with a large, open-air central atrium drawing light and natural elements into the heart of the scheme. Designed by architect Darling Associates, the finished development will provide Grade A office space and incorporate a number of high quality internal design features.
In particular, these unique design features are focused around the building’s core, with two levels of landscaped terrace at the base of the atrium and illuminated, coloured glass fins circling the levels above, creating a dramatic heart to the building. The development includes major improvements to the Agar Street elevation and entrance whilst retaining the building’s attractive, listed facades on Chandos Place and Bedford Street. Providing large floorplates for a Covent Garden West End office building, at approximately 13,000 sq ft, the property is designed to appeal to a broad spectrum of occupiers, given its strategic location.
LGP is targeting a BREEAM ‘Excellent’ rating, consistent with its ambitions to keep raising the bar in terms of sustainable property development.
The designs also capture tenants’ increasing demands for sustainable accommodation in accordance with their corporate social responsibility policies. The building with incorporate a fully integrated ground floor 60 space bicycle unit, combining changing rooms and shower facilities. As such, it capitalises on the appetite demonstrated by occupiers at LGP’s award winning, central London development, Central Saint Giles, which offered 400 bicycle spaces in total.
Simon Wilkes, Head of Development for Legal & General Property, says:
“Following in the footsteps of Central Saint Giles, this major central London development aims to provide the highest quality of space combined with innovative design. We want to deliver a building to the market that not only complements its existing surroundings and the history of the site, but also provides occupiers with a first class, business environment, in the heart of the West End. Using our depth of in-house development capabilities and partnering with other leaders in their fields, we expect to deliver a highly sustainable, attractive office scheme to the market in September 2012, when we are set to benefit from a favourable supply, demand dynamic.
“Furthermore, we expect the design concept of a modern open-air courtyard, sitting behind the historic, traditional facade of the building, to really excite and challenge its future occupiers and their visitors.”
Peter Jacobs, Regional Managing Director at Morgan Sindall, adds:
“The Agar Street development does enjoy a superb location on the south side of Covent Garden. Central London is a complex area, a host of villages, each with its own identity and Agar Street will offer something new to the West End.”
Knight Frank and EA Shaw have been appointed as agents to the scheme.
- Ends -
Notes to editors
Legal & General Property:
Legal & General Property (LGP) is a wholly-owned subsidiary of Legal & General Investment Management (LGIM), one of Europe’s largest institutional asset managers and a major global investor. LGIM manages approximately £356bn of assets on behalf of more than 3,300 clients (31 March 2011) and provides products and solutions spanning all asset classes. LGP is the third largest institutional property fund manager in the UK, managing or co-managing 17 separate funds or vehicles and two segregated mandates with an aggregate asset value of £10.1bn as at 31 March 2011. These funds include:
Specialist Pooled Funds
- The Leisure Fund Limited Partnership; Industrial Property Investment Fund; UK Logistics Fund; Arlington Business Parks Partnership; and the English Cities Fund
Single Asset Vehicles
- Bracknell Regeneration Partnership; Central Saint Giles Partnership; Performance Retail Limited Partnership and Warrington Retail Limited Partnership
- Life Fund; Linked Pensions; Linked Life; Managed Fund; Property Unit Trust; UK Property Income Fund; LPI Income Property Fund and the Hybrid Property Fund.
LGP’s UK-focused fund management platform has built and retained a strong track record of out-performance across the sector. Owing to its size, diversity and penetration, it benefits from best in class banking and property industry contacts which, along with its wealth of in-house skill and expertise, have enabled it to continue to attract and secure high quality market opportunities. Taking a client-centric approach, the business places the highest priority upon integrity and transparency, leveraging upon the significant resources provided by the wider LGIM platform. Sector specialists cover each sphere of the market and are supported by LGP’s market-leading research capability.
LGP’s sector specialism’s cross all facets of the real estate market. In particular, the Company has a major development platform, responsible for delivering the West End office market’s latest landmark, Central Saint Giles, and currently involved in developing its high profile Covent Garden scheme, Agar Street, as well as significant town-centr