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Plans to carry out an extensive refurbishment effort within an area of offices in the mid-town district of central London have been submitted to the relevant local authorities.
The investment group CLS Holdings is keen to see its offices at Clifford’s Inn on Fetter Lane in EC4 overhauled across four floors from the lower ground floor upwards. The aim ultimately is to deliver close to 37,000 square feet of newly improved Grade A offices space available for rent in central London.
As well as the new office space refurbishment effort, CLS’ plans include the creation of eight new residential apartments that would cover a total of nearly 5,800 sq ft at the Fetter Lane site.
If successful in getting the green light from the City of London Corporation, the overhaul is expected to cost just over £9 million and take roughly 12 months, with work penciled in to start in April 2013.
“As part of the Group’s strategy to maximise the potential of existing properties within its portfolio, this development represents an exciting opportunity to create high quality office accommodation and residential apartments in a prime London location,” said Sten Mortstedt, executive chairman at CLS Holdings.
CLS’ property holdings including a number of office buildings around London and others in France, Germany and Sweden. Listed on the London Stock Exchange since the mid-1990s, its overall portfolio was worth a little over £900 million at the end of 2011.
Meanwhile, a recent report from Farebrother, a real estate analyst firm that focuses primarily on activity in London’s midtown district, suggested that offices on the south bank of the River Thames are likely to see strong demand for refurbishment in coming quarters with availability relatively scarce across the city.
Plans to carry out an extensive refurbishment effort within an area of offices in the mid-town district of central London have been submitted to the relevant local authorities.
