Aviva Investors, the global asset management business of Aviva, has acquired the Stylus building in Old Street, EC1, for £25 mln (€28 mln).
The new development, situated at 112-116 Old Street, has been constructed behind the retained façade of a former Victorian gramophone factory. It is located in London's up-and-coming Tech City district, a cluster for tech businesses and start-ups.
The building has been awarded an EPC energy efficiency rating of A with no fossil fuel usage. Hot water and heating for the site are provided by air source heat pump technology, with solar photovoltaic (PV) panels contributing to electricity needs. Aviva Investors said the deal reflected its commitment to achieving net zero emissions by no later than 2050.
Daniel McHugh, managing director, real estate, at Aviva Investors, said: 'We are pleased to have acquired such a high-quality asset, which combines excellent facilities that will appeal to a host of occupiers, along with a strong location and alignment to our net zero strategy.
'Stylus is a great example of how office space can be delivered in a low carbon way making use of a heritage building with a retained façade, zero fossil fuels and outstanding energy efficiency.
'Despite the size of London’s office market there is a significant under-supply of grade-A office space such as that offered by Stylus, particularly in the Tech City sub-market centred around Old Street Roundabout. We believe that, together, these characteristics add to the building’s appeal and should make it particularly resilient over the long-term.'
The Stylus building comprises over 2,300 m2 of office space arranged over six floors. It also has a private outdoor courtyard and roof terrace spaces on a number of floors. It is fully let to four occupiers.
