The Standard Life Investments Pooled Property Pension Fund has started its £80m speculative redevelopment of the Grade II listed Farmiloe building in Farringdon, EC1.
Work is now underway to create a 65,730 sq ft office and retail scheme, including 25,400 sq ft of new office space to create 60,860 sq ft of Grade A offices overall.
The new building will be joined to the original property via a central reception and lift core. Two ground floor retail units of 2,700 sq ft in total will be accessible from the inside, as well as via St John Street. There will also be 2,160 sq ft of affordable office space aimed at start-ups or small companies.
Completion is expected in 2019, to coincide with the opening of Crossrail.
Originally built in 1867, the building was the headquarters and showrooms of George Farmiloe & Sons, a prominent glass and lead manufacturer. Since 1999, it has been used as a location for a variety of high profile films, including The Dark Knight, as well as serving as a regular venue for Clerkenwell Design Week.
David Stewart, fund manager, Aberdeen Standard Investments, said: “There are few ‘blank canvas’ buildings of this quality, interest and heritage in London. We’re confident that, with the improvements we’ll deliver, it will have significant appeal for occupiers searching for distinctive space in one of London’s most sought-after locations. That’s why we’re undertaking this speculative development in the capital at this point in the real estate cycle.”
Strutt & Parker and JLL are the appointed letting agents on the building.
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