AXA Pan European Value Add Fund and Morgan Capital Partners has successfully completed the off market acquisition of 20 St Andrew Street EC4A from CBREGi, on behalf of West Midlands Pension Fund, for £32m.
Planning permission was granted in May 2014 to comprehensively refurbish and extend the 48,879 sq ft vacant building. Refurbishment works will include the construction of a new terraced 9th floor, significant elevation works and a general modernisation of the floor plates.
Following acquisition, Morgan Capital Partners achieved an enhanced planning consent including re-positioning the core in the central light well.
Works are due to start in Q3 2015 with completion estimated at Q4 2016 and will be managed by Morgan Capital Partners.
The completed building will comprise over 55,000 sq ft over 12 storeys with a typical office floor plate of c. 6,000 sq ft. Martin Perrott of AXA commented – this is an excellent opportunity to acquire a significant value add property in the core Midtown market which is only going to be further enhanced by Goldman Sachs new HQ development.
Colliers International advised AXA and Morgan Capital Partners. Cushman and Wakefield advised CBREGi.