Stanhope and the Woolgate Exchange Unit Trust are moving forward plans for a full refurbishment of Woolgate Exchange, 25 Basinghall Street, EC2, after receiving planning consent from the City of London Corporation following the completion of section 106 agreements.
The nine-storey building has been redesigned by architectural firm Stiff + Trevillion with the aim of catering to modern occupiers. Features include a 1,500 sq ft rooftop pavilion.
The renovated building, renamed just Woolgate, will feature more than 20,000 sq ft of roof terraces, providing urban greening, biodiversity and generous outdoor space on the majority of the upper floors.
The reception area leading onto Basinghall Street will be enlarged and a new entrance will be created on Coleman Street, complemented by a pocket park and new retail space.
The development seeks to become an exemplar for retrofit in the City. It is targeting net-zero carbon in both construction and operation, including a reuse and retention strategy that seeks to preserve 98% of the existing structure.
The building will be all-electric, with no fossil fuel or gas boilers on site, with 100% green power purchase agreements used. It is targeting a 4.5-star NABERS rating and BREEAM Excellent certification.
Mace will begin construction on the landmark building in the first quarter of this year, with practical completion of the scheme anticipated in October 2024.
Laura Collins, project director at Stanhope, said: “Woolgate embodies Stanhope’s commitment to delivering assets, investments and developments that actively contribute to the reduction of carbon emissions while still providing grade-A office space in the heart of the City of London. We look forward to commencing construction this spring.”
Will Butler, director for cross-border investment at Savills, which has been appointed as the leasing agent alongside JLL, said: “In a period of uncertainty in the development market, the owners of Woolgate are committed to delivering a fully repositioned building of scale with both exemplar sustainability credentials and tenant amenity.
“With the grant of a full planning consent and our enabling works well underway, the project is on track to complete in Q4 2024 when supply of best-in-class space is expected to be limited in the City of London.”
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