Scheme being bankrolled by Japanese newcomers to London commercial market
Sir Robert McAlpine is set to start work on the third major office job in London being masterminded by Edge after the Dutch developer and partner Mitsubishi Estate secured funding from a consortium of Japanese investors.
Building revealed last October McAlpine had beaten Bovis to the £150m job on Charing Cross Road, which is being handled by Luxembourg-based client VREF Shaftesbury Avenue – a joint venture between Edge and Mitsubishi Estate.
Architect DSDHA’s scheme will modernise a brick-faced office block built in 1982 which is currently vacant above the ground floor.
The Japanese consortium includes Tokyo Tatemono, Toko Electrical Construction and Fuyo General Lease – all newcomers to the central London market.
Development financing has also been secured from Sumitomo Mitsui Trust Bank, the largest trust bank in Japan.
Around 250,000 sq ft of workspace will be provided in the scheme, which was granted planning approval by Camden council last April, while the building’s height will be increased from 11 to 13 storeys.
A redesigned entrance on Charing Cross Road is planned, as well as public realm improvements and a new connection between Old Compton Street and New Compton Street.
Edge and Mitsubishi bought the site in 2023 from previous owner Almacantar.
The pair retained much of the previous scheme’s project team, including cost consultant Gardiner & Theobald, civil and structural engineer AKT II, planning consultant Gerald Eve, daylight consultant GIA and transport consultant Waterman. MEP engineer Long & Partners and lift consultant D2E were both replaced by Sweco. Executive architect is Veretec.
The scheme is expected to complete in 2028.
Almacantar had originally considered building a 30-storey tower on the site but opted for a refurbishment of the existing building after concluding a high-rise scheme would have been “inappropriate” for the area.
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