Significant investment will see a landmark tower in the Kings Cross and St Pancras areas of West London transformed into new and much more energy efficient office space over the next 18 months or so.
The property development group Stanhope plc has revealed plans to radically refurbish One Mabledon Place on Euston Rd in the WC1 district of the city. A total of 90,000 sq ft of new London offices are to be created across ten floors at the site overlooking the British Library.
According to Stanhope, energy efficiency will be a key focus of the redevelopment effort and the resulting offices will be rated ‘excellent’ on the basis of BREEAM sustainability standards. Indeed, it is estimated that the building will be 60 percent more energy efficient after the refurbishment than before it.
The scheme will ultimately make available a series of 5,000 sq ft to 10,000 sq ft floorplates on a speculative basis but quality offices in West London are typically among the most sought after in Europe. Expectations are that occupiers will be working from the newly revamped space at some point in mid-2014.
“We are seeing a strong demand from a wide-range of occupiers for well designed, flexible accommodation in the King’s Cross regeneration area. One Mabledon Place responds to this demand and will provide competitively priced space with spectacular views,” said David Camp, chief executive of Stanhope plc.
“The completed building fulfills Stanhope’s commitment to green refurbishment of existing buildings and to reduce energy and other running costs for tenants,” he added.
A recent report from the real estate advisory firm Drivers Jonas Deloitte noted the high number of large-scale office space refurbishment projects currently under way across central London. The report said that 14 of the 27 on-going office development schemes in the City of London were refurbishments rather than new building projects in the autumn on 2012.