A building that was once the headquarters of the British national newspaper The Daily Mail has been sold to the investment management firm Orion Capital and is now set for a major refurbishment.
The London offices are scheduled to be reopened at some point in mid-2014, with Quadrant Estates having been enlisted by the building’s new owners to carry out the necessary improvement work. First constructed in 1992, the Carmelite building is a Grade II listed office space development and it sits just yards north of the River Thames.
Plans for the site, which was sold as an officially vacant property, are to deliver a total of 130,000 sq ft of Grade A London offices, with floorplates to be made available for rent on a scale of around 20,000 sq ft.
“We are confident the space will attract tenants at a time when a number of long leases expire in buildings that will no longer be fit for purpose,” said Aref Lahham, a founding partner and a managing director of Irion Capital Management.
The company expects to see the development reach a value of some £120 million, with the hope being that potential occupiers of the Mid-Town offices will be attracted away from the nearby West End district and from the City of London, which sits just a short way to the east of the newly-bought site at 50 Victoria Embankment.
“Carmelite is a prime Mid-Town HQ building in an enviable location overlooking the Thames,” said Tristram Gethin, managing and founding director of Quadrant Estates.
“The West End, Mid-Town and City all have limited supply of Grade A office space and this location is increasingly seen by many occupiers as a viable alternative to the West End. We are expecting demand from occupiers looking for first class offices in a prime riverside location.”
Work on the site is scheduled to begin in the early weeks of 2013, with the target of reaching a BREEAM ‘excellent’ rating for sustainability having been set for those involved in the refurbishment effort.