CEE property developer HB Reavis has acquired the Farringdon West Crossrail over-site development in central London.
Financial details were not disclosed.
The project, sold by Transport for London, comprises approximately 12,800 m2 of office, retail and amenity space. The construction of the seven-floor scheme is expected to begin this year and be completed in 2020.
The scheme, designed by John Robertson Architects, is targeting the highest Well Building Institute standard of Platinum and sets out to provide a landlord operated fitness facility and generous ground floor cycle provision accessed directly from the Cycle Superhighway. The ambition is to have one of London’s highest office space to terrace ratios of approximately 12%, which have been carefully designed as external places for work, relaxation, socialising or events. The substantial terraces also offer a variety of views of the London skyline.
This is HB Reavis’ fifth purchase in its Central London office developments portfolio. In December 2017, it completed and sold 33 Central to Wells Fargo; 20 Farringdon Street was completed in April 2018; Cooper & Southwark, was recently completed, fully prelet to international real estate advisor CBRE’s Global Workplace Solutions division and sold in June 2018; and One Waterloo (also known as Elizabeth House, Waterloo) on London’s South Bank, was acquired in May 2017.