Plans to upgrade 7 Newgate Street, EC1, once current tenant AXA Investment Managers relocates to its new home at 22 Bishopsgate, have been submitted to the City of London Corporation.
Designed by Morrow + Lorraine Architects, the plans propose to increase the office space provided by 11,797 sq ft to 113,774 sq ft and provide a new rooftop pavilion and terraces.
AXA Investment Managers confirmed it was to relocate its team under one roof at 22 Bishopsgate in 2018. It is moving from 155 Bishopsgate and 7 Newgate Street. It had been expecting to move in during the first half of 2020.
The building is overseen by investment manager Doric Partners on behalf of its owner, GENO 7 Newgate Street GmbH & Co KG.
Doric acquired the building on behalf of its owner in 2005 for £63m from DB Real Estate, according to Radius Data Exchange. The sale price reflected a net initial yield of 5.3%.
LS Estates is the development manager for the project.
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