PATRIZIA has received planning permission from the City of London for the redevelopment of 30 Minories and the retention and refurbishment of neighbouring Writers House in Aldgate.
The circa 186,500 sq ft office-led scheme is a key investment in PATRIZIA’s flagship value-add TransEuropean VII Fund.
The company intends to redevelop 30 Minories, which currently comprises an existing 16-storey tower and seven-storey podium, into a 16-storey building with office space on the upper levels and a range of flexible retail, leisure and employment uses on ground and lower ground floor levels.
PATRIZIA is targeting BREEAM Outstanding, WiredScore Platinum, WELL Platinum and NABERS UK for the PLP Architecture-designed development and is aiming for net zero carbon design in operation.
The plans will also see Writers House – a neighbouring Victorian warehouse – retained and substantially refurbished to provide community use floorspace at ground and lower ground level, with the upper levels of the six-storey building leased at affordable rents to local enterprises and start-up businesses.
Christie Wright, fund director for the TransEuropean series at PATRIZIA, said: “Throughout the 30-year history of the TransEuropean series, we have consistently delivered outperformance for our investors by unlocking the hidden value of assets in core European markets. We are thrilled to reach this planning milestone for 30 Minories and bring forward an exciting investment that strengthens our flagship value-add platform and expands our footprint in the UK market. In line with our broader TransEuropean philosophy, we look forward to driving the future value of this asset by executing the real estate fundamentals around quality asset management and development expertise.”
Richard Scutt, director of real estate development at PATRIZIA, added: “We are delighted to achieve planning consent for 30 Minories working in close collaboration with our development partner Morgan Capital. Not only will the scheme provide best-in-class premium offices to meet contemporary occupiers’ demands for sustainable and amenity-rich space, but it will also deliver significant urban greening as well as social and cultural value for the local community through the retrofit of Writers House. We are pleased to take the next step in bringing this exciting project to life and in doing so grow our portfolio of real estate development projects across the UK.”
The scheme is being delivered by development manager Morgan Capital and PATRIZIA was also supported on the application by DP9 (planning advisors), Sweco (MEP and sustainable advisors), AKT II (structural engineers), Montagu Evans (heritage) and Core Five (cost consultants).
