Partners Group and Exemplar are to speculatively develop 80 Fenchurch Street, EC3.
The 14-storey, 240,000 sq ft development, which has a construction cost of £140m and an expected end value of £340m, is due to be completed in 2019. The building will offer floor plates ranging in size from 5,000 sq ft to 20,000 sq ft and deliver BREEAM Excellent and Wired Score Platinum ratings.
The move comes despite unrest in the market over the future of financial services sector in the capital after the EU referendum.
]The TP-Bennett-designed building will compete for occupiers against the largest development in the City pipeline, the 1.3m sq ft 22 Bishopsgate, EC3, which is being developed by a consortium including AXA IM Real Assets and will also complete in 2019.
Exemplar has replaced Marick Real Estate as Partners Group’s partner on the project. Partners and Marick successfully overcame a rights of light claim, allowing development to commence.
An intention to speculatively develop the building was initially announced in 2015 but construction was delayed.
The 0.6 acre site, which was previously owned by Shieldpoint, was bought out of administration in 2014 after Irish bad bank Nama called in loans secured against it.
Partners is to take one floor at the scheme and move from its current office at the Salesforce Tower, formerly the Heron Tower, EC2.
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