What can you do when there’s a need for high quality office space in an area but limited options for new builds?
With demand for high quality office space in core cities and towns ever increasing, our new office repositioning platform aims to address this challenge. We’ve entered a new 50:50 partnership with Colony NorthStar Inc., a leading global real estate and investment management firm, to create a specialist, joint venture platform investing in the London City Region, Manchester and Dublin office markets.
Investing in underperforming office buildings in our three core markets, we will deliver modern, high quality office space through improved planning, development, refurbishment and asset management. We’ve seeded the joint-venture with two of our existing assets; The Record Store at The Old Vinyl Factory in London and Donnybrook House in Dublin. The Record Store is being renovated to create 83,000 sq. ft. of creative office space as part of U+I’s wider transformation of the 17-acre site. In Dublin, we’re refurbishing Donnybrook House, a 72,000 sq. ft. vacant building in a prominent central location, to meet the demands of creative and tech-focused businesses.
As outlined in our recent interim results, specialist platforms are an effective way for us to grow our business. With a £5 billion portfolio of mixed-use projects, we are able to aggregate particular types of real estate e.g. office space, retail, build to rent, within a specialist platform to leverage the expertise we have within specific sectors of the market. The partnership with Colony Northstar, focusing on office refurbishments, follows on from our £200 million joint venture with Proprium Capital, targeting income-generating assets in the London City Region.