Global real assets investor Patrizia has secured planning permission from London’s Camden Council to convert the iconic hClub building into a state-of-the-art office in the heart of Covent Garden on Endell Street.
The plans will see Patrizia transform the former members’ club into 35,000 ft2 (3,250 m2) of Grade A office space that will serve as the company’s UK HQ.
The office will initially host up to 200 of Patrizia’s London-based employees, including its new Patrizia Infrastructure business. It will feature a wellness suite, 5th floor pavilion and multi-function space, roof terrace and café.
Dan Williams, head of real estate development, UK&IE at Patrizia, said: 'By leveraging our planning and development expertise, as well as close collaboration with Camden Council, we have taken a big step forward in our ambition to lead the market when creating the workplace of the future.
'The office sector is going through a transition as companies settle into new ways of working, and so finding and capitalising on value-add opportunities for our investors in this asset class is very much part of our strategy as a thoughtful and forward-thinking investment manager.'
Patrizia is scheduled to move into its new location in 2024 following extensive modernisation and refurbishment works. The space will also harness Patrizia’s smart building technology tailored to enhance creativity and collaboration among its employees, clients and partners.
The building was acquired by the private investment office WE Holding which is advised by AM Alpha, a leading global real estate family office.
Martin Lemke, managing director of AM Alpha, said: 'The new planning permission underlines our experience to create value for our clients and tenants. With the acquisition of this iconic property in London, we once more strengthened our footprint in the UK.'
