Schroders Capital UK Real Estate Fund (SCREF) has received planning permission to redevelop three buildings in Bloomsbury into a 106,736 sq ft office scheme.
Minerva House, Fitzroy House and Telephone Exchange are located on Chenies Street just off Tottenham Court Road, and SCREF and its development partner Stanhope intend to “sensitively reposition” the heritage office buildings into sustainable, wellbeing-led office space, designed by architects Morris+Company.
During the redevelopment, 87% of the existing building structure and 84% of the existing primary facades will be retained, with the current floor area increased by 37% thanks to the addition of two further floors and a roof terrace.
Rob Cosslett, fund manager for Schroders Capital, said: “The redevelopment of Minerva House, Fitzroy House and Telephone Exchange in Chenies Street outlines SCREF’s commitment to investing in sustainability-led, high-quality office assets in well-connected locations. Located within London’s ‘Knowledge Quarter’, the asset is well situated to benefit from the continued demand for best-in-class office space from occupiers in the life sciences, technology, and higher education sectors.
“The approved plans demonstrate the development and asset management capabilities of the experienced Schroders Capital offices team to identify opportunities to add value and increase returns for our investors. Our focus remains on maximising the value potential and sustainability credentials of assets across our portfolio, which will attract the best talent and strongest occupiers, whilst enhancing surrounding areas to benefit local communities.”
