Aviva Investors is investing over £100m (€112m) to co-develop a London office campus.
The £355bn global asset manager said it is buying two adjacent sites on Bermondsey Street, SE1, from Sellar, who will act as co-developer with the two businesses working in partnership to develop the project.
The site, known as Bermondsey Yards, includes existing commercial buildings on Bermondsey Street and a former leather warehouse on an adjacent plot.
Under the scheme, Aviva Investors and Sellar will undertake redevelopment and selective renovation of existing buildings on the site. The project will involve the creation of mixed-use office campus and retail facilities.
Daniel McHugh, managing director, real estate, at Aviva Investors, said: “The Southbank is one of London’s most exciting office submarkets, attracting a wide variety of occupiers and characterised by low vacancy rates and increasing tenant demand, which reflects its strong location and proximity to major transport hubs.
“We believe this should ultimately offer a good degree of resilience in the portfolio over the long-term.”
James Sellar, CEO at Sellar, said: “The site allows for a unique campus-style offering that will embrace the new ways of working that have been forged in the face of the pandemic, and that continue to represent the future of the industry.
“The character and amenities of Bermondsey Street and the surrounding areas are very appealing to companies, their staff, and their visitors with the added benefit of being adjacent to a major transport hub. We look forward to working alongside Aviva Investors to develop this visionary project.”
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