AXA launches campus project in London

AXA Real Estate said on Friday it will shortly start construction of a mixed-use urban campus in London’s Hammersmith district.

The campus, Assembly London, will comprise four buildings totalling 220,000 sq ft (20,440 m2) and is located on the site of the former offices of publisher Harper Collins at 77 Fulham Palace Road. The site was acquired in 2014 by AXA Real Estate on behalf of its clients as part of its value-add strategy.

Phase one of the project comprises the development of two new buildings, The Foundry and 1 Smith’s Square, which between them will deliver 150,000 sq ft (13,935 m2) of new office space and 20,000 sq ft (1,860 m2) of retail and restaurant space.

Construction is due to commence this month, following the recent grant of planning permission for both buildings, with completion expected by mid-2016.

Assembly London aims to boost a part of the capital significantly lacking Grade A office space. It will provide landscaped areas, large interconnected open and light office spaces and a range of retail units and restaurants.

Regional rebirth
AXA said it is in advanced discussions with an international TV and media production and distribution business regarding a prelet of around 30,000 sq ft (2,790 m2).

Harry Badham, head of UK development at AXA Real Estate, commented: ‘The rebirth of this district as Assembly London will provide one of the best and most interesting working environments in central London.

‘The growth of rents in many central London locations has begun to price out occupiers, and we believe many of these businesses will start to look for new locations where they can find value, whilst still wanting accessibility for staff and a great working environment.’

According to CBRE’s latest Market View report, prime office rents in London City stood at £67 per sq ft per annum in the second quarter and £117.50 per sq ft per annum in the West End.

Knight Frank and CBRE have been appointed as the office leasing advisers while the restaurant and retail spaces are being marketed by Bruce Gillingham Pollard.