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 is ultimately to deliver close to 37,000 square feet of newly improved Grade A office space available for rent in central London.
In addition to the new office space refurbishment effort, CLS plans to create eight new residential apartments covering nearly 5,800 sq ft at the Fetter Lane site.
If the City of London Corporation gives its approval, the overhaul is expected to cost just over £9 million and take roughly 12 months. Work is pencilled 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’s property holdings include several 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 over £900 million at the end of 2011.
Meanwhile, a recent report from Farebrother, a commercial 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.
Editor’s notes: The £8 million project was completed by project manager PBC. The completed scheme delivered 28,000 square feet of new CAT A office accommodation over three floors and eight new apartments – a mixture of studio, one and two-bedroom units.