Bywater Properties is planning a sustainable office development in Lambeth, SE11.
The firm, which is chaired by Iceland Foods managing director Richard Walker, has completed the purchase of the 0.37-acre site at 30-34 Old Paradise Street from Whitbread.
Bywater plans to bring forward a circa 60,000 sq ft workspace-led development to tap into rising occupier demand on the South Bank.
The site was formerly home to the Costa Coffee Roastery. Whitbread sold Costa to Coca-Cola for £3.9bn last year.
The new building, which will comprise a mini basement, ground and five upper floors, will be predominantly constructed from timber.
An initial analysis by Bywater suggests teh building will be carbon-negative for about 60 years and has been designed to be demountable and recyclable at the end of its lifespan.
Theo Michell, principal at Bywater Properties, said: “The site sits in a corridor of change linking the South Bank to Vauxhall and we see potential synergies with nearby occupiers such as the Newport Street Gallery and ArchCo.”
“Our main focuses for the building will be its carbon performance and occupants’ wellbeing, and we are making it a priority to ensure the planning application achieves these goals when submitted.
“We also know that there is growing appetite from institutional investors for ‘carbon-clean’ investments and we are committed to exploring this alongside institutional partners.”
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