Press releases

Legal & General completes £65m Agar Street office redevelopment.

25 October 2012

Legal & General Property (“LGP”) announces that, on its behalf, Morgan Sindall has completed its £65 million commercial development in the heart of London’s West End, bringing its 20 month redevelopment of 6 Agar Street to a conclusion.

The six storey office development at 6 Agar Street provides 57,000 sq ft of new Grade A office space in Covent Garden. Designed by architect Darling Associates, the West End office development (formerly the Strand Island building) has been transformed to create an entirely new office scheme, while preserving the listed façades on Chandos Place and Bedford Street.

Its unique design is focused around the building’s core and features an open-air central atrium with two levels of landscaped terrace at its base and additional terracing on the fifth floor. Coloured glass fins also circle the levels above to create a striking visual effect.

LGP is set to achieve a BREEAM ‘Excellent’ rating on the completed project. Setting this target was an
incredibly bold challenge for an inner-city refurbishment project but is consistent with LGP’s ambitions to keep raising the bar in terms of sustainable property development.

The building also makes provision for tenants’ increasing desire to behave in an ecologically responsible manner, and includes a ground floor parking area for circa 60 cycles, accessed from a separate entrance on Agar Street, with state-of-the art changing rooms and shower facilities. It capitalises on the appetite demonstrated by occupiers at LGP’s award-winning, Central London development of Central Saint Giles, which offered 400 spaces in total.

Simon Wilkes, Head of business space development at Legal & General Property, said: “We have achieved our aim of creating a sustainable Grade A office building where the key focus has been creating an exceptional working environment, enhanced by the creation of the stunning central courtyard, three levels of terracing and extensive cycle facilities.”

Peter Jacobs, managing director of Morgan Sindall’s London office, added: “Morgan Sindall has a wealth of experience in constructing innovative and sustainable commercial office space in busy urban environments, and we’re delighted to have been able to draw on this expertise to deliver this landmark project for LGP.

“6 Agar Street enjoys a superb location on the south side of Covent Garden. The project brings something new to the West End; in addition to providing premium office space, the development is also extremely sustainable – a rarity in inner-city refurbishments.”

Knight Frank and EA Shaw act as joint letting agents for the scheme.

Notes to editors

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 £381bn of assets on behalf of more than 3,300 clients (30 June 2012) 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 16 separate funds or vehicles and two segregated mandates with an aggregate asset value of £10.4bn as at 30 June 2012. 

These funds include:

Specialist Pooled Funds
The Leisure Fund Limited Partnership; Industrial Property Investment 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

Balanced Funds
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 specialisms 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-centre retail and leisure regeneration projects, including Bracknell, Trowbridge, Northampton and Eastbourne.

For more information please contact:

Olivia Goodall
PR Manager, Legal & General Capital and Real Assets, LGIM (Property, infrastructure and alternative finance)

t: + 44 (0) 203 124 2777
m: + 44 (0) 7718 395 279

About Legal & General

Legal & General Property Limited.

Registered address:
One Coleman Street
London EC2R 5AA.
Registered in England 2091897.