German real estate fund manager KanAm Grund Group has secured a resolution to grant planning consent from the City of London for its first redevelopment project, “Princes Court” in London.
The original 1960s building is located at 7 Princes Street, EC2, in the heart of the City’s financial district.
Located directly opposite the Bank of England, the office building was acquired by KanAm Grund Group in early-2019.
”The building will be redeveloped to the highest sustainability standards; with numerous amenities on offer to future occupiers,” said KanAm in a press release.
Olivier Catusse, Managing Partner of KanAm Grund Group, said: “We have made a deliberate strategic change within the organisation in the past 18 months and strengthened our development team throughout Europe in order to not only acquire and manage high-quality real estate for our investors, but also to be able to actively participate in its creation – in this case through redevelopment. We will soon start with the implementation of the project, which reflects exactly what we have set as our corporate goal: To offer sustainable real estate with attractive and long-term performance prospects for our investors.”
”The proposal, developed in close collaboration with Morgan Capital, as development manager, and designed by architects Aukett Swanke, takes the original 1960s building back to its frame, adds two new floors and replaces the entire aged façade with a new high-performance replacement to create a 9-storey, ca. 54,000 square feet building, fit for the next generation of occupiers,” said the company.
”The proposal will sit harmoniously with the important heritage assets that surround it; whilst targeting the highest BREEAM ‘Outstanding’ rating.”
Construction is scheduled to begin later this year, with completion planned for the first quarter of 2024.
According to the company, the redeveloped asset is also set to capitalise on a number of key infrastructure projects in the immediate area. The recent opening of the Elizabeth Line (Crossrail), the completion of the Bank Station upgrade works – which will increase capacity at this important central London transport hub by 40 percent – and the City of London’s ‘All Change at Bank’ project, enhancing the public realm experience of Bank junction and improving experiences for pedestrians and cyclists alike, are all set to further enhance the desirability of this proven location.