Czech real estate firm KKCG looking at building up portfolio of sites following 1 St James’s Square deal
Contractors are on alert after a Czech developer inked a near £300m deal to buy the London HQ of oil giant BP which is set to be redeveloped under a plan drawn up by Foster & Partners.
The development manager on the 1 St James’s Square scheme is Yard Nine with the consented Fosters scheme running across 121,000sq ft.
KKCG Real Estate Group said it has now completed the £291m purchase of the West End office which it added marks the first significant step in its plans to build up a portfolio of prime central London office assets.
Peter Holden, chief executive of KKCG Real Estate UK, said: “This acquisition marks an important milestone for KKCG Real Estate Group as we continue to build a focused, well-capitalised platform investing in prime central London real estate. Our ambition is to own, develop and manage outstanding office buildings. Beyond acquisitions, we aim to create value through development in locations where quality, scarcity and long-term demand support enduring value.
“Our investment approach is patient, disciplined and long term. We understand how workplace expectations are evolving and are committed to creating exceptional environments that meet the needs of the world’s leading occupiers.”
The firm said the retrofit-led redevelopment will retain the building’s existing frame, preserving as much embodied carbon as possible, while replacing the façade, adding two new storeys and a new roof terrace that will overlook the square.
BP, which is making the Timber Square scheme in Southwark built by Mace its global headquarters, is due to move out of 1 St James’s Square by April 2028.
Foster & Partners is also behind a planned refurbishment of a listed townhouse site on St James’s Square as the head office of a science institue set up by the world’s sixth richest man.
The Ellison Institute of Technology (EIT) is an advanced research body set up by Larry Ellison, the former chief executive of software company Oracle Corporation.
The organisation’s London headquarters will transform two grade II and grade II*-listed buildings at 11-12 St James’s Square and rebuild an extension to the rear of the site that was completed in 1990. The work is due to be carried out by Sir Robert McAlpine.
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