HUB and Bridges Fund Management have bought a City office block for conversion into a residential scheme.
The jv bought the freehold to 45 Beech Street, EC2, on the edge of the Barbican Estate, for £30m from flexible workspace provider BE Offices.
The site is currently used as commercial office space. It has 44,946 sq ft of lettable offices and ancillary accommodation, according to marketing materials.
The site was marketed with a pre-application with the City of London that established the case for loss of offices within the capital. It was sold with scope for alternative uses, including 90 build-to-rent homes, or 315 co-living rooms. The gross internal area for the residential aspect could measure 83,963 sq ft.
It will be developed by HubCap, a wholly owned subsidiary of HUB focused on low-carbon building reuse and emerging housing models.
Allford Hall Monaghan Morris has been appointed as the architect for the project.
Miles Keeley, principal at HubCap, said: “The Barbican has a proud history of pioneering city centre living and public realm, including the YMCA it housed from the 1970s.
“This scheme will deliver much-needed living spaces to the area on a site that is in need of an upgrade to meet changing building and energy performance standards.”
Simon Ringer, head of property funds at Bridges Fund Management, said: “London has a pressing need for more high-quality living space to house its growing population.
“Since 2014 we have partnered with HUB on a number of schemes that are on course to deliver more than 3,300 lower-cost and affordable homes with values of more than £1bn.”
HubCap has one other scheme in London, on Ludgate Hill, and two projects under development in Edinburgh.
DP9 is acting as planning consultant and Knight Frank advised the buyer. HK London and Michael Elliot acted for the seller.
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Image © HUB
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