Aviva Investors has taken full ownership of New Broad Street House in the City of London after acquiring 50/50 partner PSP’s stake in the building for an undisclosed price.
The heritage building, which is situated on the corner of New Broad Street and Old Broad Street, currently provides more than 102,000 sq ft of office space and four retail units at street level.
Originally constructed in 1907 as three separate properties, it underwent extensive renovation and remodelling in the 1980s, which saw the retention of the historic facades and the demolition of the internal floors and walls, with the current structure spread across five upper floors in addition to a lower ground and basement level.
Aviva Investors said the building could provide up to an additional 100,000 sq ft of additional prime office space, subject to planning permission.
Ed Atterwill, head of Central London at Aviva Investors, said: “We are pleased to grow our investment into the City of London, adding to a number of prominent schemes at Liverpool Street, Moorgate and Fenchurch Street. The Square Mile is one of the strongest performing locations in the capital, whilst its office market remains a key conviction sector for us. We look forward to working with the City of London in unlocking future development prospects that help it get ready for the future by supporting its strategic priorities, creating potential co-investment opportunities with capital allocators, and presenting those plans in due course.”
