Patrizia will convert the iconic hClub building into a state-of-the-art office in the heart of Covent Garden on Endell Street in London.
The company has secured planning permission from London’s Camden Council for the conversion project.
The plans will see Patrizia transform the former members’ club into circa 35,000ft² 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. The design of the workspace will underline Patrizia’s ambition to lead the way in shaping the office of the future and will feature a wellness suite, 5th-floor pavilion and multi-function space, roof terrace and café.
Patrizia is scheduled to move into its new location in 2024 following extensive modernisation and refurbishment works, fully aligned to the company’s ESG strategy and sustainability targets. The space will also harness Patrizia’s smart building technology to enhance creativity and collaboration among its employees, clients and partners.
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.”
The building was acquired by the private investment office WE Holding which is advised by AM Alpha, a 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.”