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Rockspring Property Investment Managers was given the go-ahead for a radical redevelopment scheme this week and the relevant plans are set to be completed by the second quarter of 2013.
The Centurion House site was acquired by Rockspring in December of last year with the ultimate aim being to deliver 80,000 sq ft of newly created Grade A office space in the City of London.
The original building was erected in the 1980s and is being stripped out in preparation for demolition and building work scheduled to get underway later this year.
“Since acquiring this project last year, we have drawn up ambitious plans to create an entirely new ground-up development which will appeal to a wide range of City occupiers,” said Rockspring fund manager Richard Bains.
“Securing this planning resolution will now enable us to deliver the Grade A office in the second quarter of 2013, at a time where we see little competition in the market for comparable space,” he added.
David Walker Architects drew up the plans for the redesigned offices, which are expected to achieve a BREEAM ‘Excellent’ rating based on their sustainability credentials.
Also this week, the Canada Pension Plan Investment Board and ING put their 1 Bunhill Row office development in central London up for sale with an asking price of £190 million. Its owners have reportedly been lining up the disposal throughout the summer, during what are traditionally slower months for commercial property traders.
Editor’s notes: The scheme at 24 Monument Street, EC3 came to be named Monument Place and the £15 million construction contract was awarded to Mace who started on site in April 2012.
In 2014, it was announced that Rockspring had secured lettings deals with Ecclesiastical Insurance Office Plc, Cahill Gordon & Reindell, Conning Asset Management, and American Golf. At that time four out of the nine office floors were let.
As of July 2023, there was just 8,893 square feet of landlord-controlled space available to rent at Monument Place on the fifth floor, however, it was technically under offer.
There was also 19,663 square feet available by way of an assignment of an existing lease that is due to expire in September 2025.
In 2018, Rockspring was acquired by German real estate investment company Patrizia SE.