Pan-European real estate investment club, FORE Partnership, has announced the £50.95 million sale of its speculative Midtown office development VIEW 58, which is currently being delivered with joint venture partners Kier Property.
VIEW 58, at 58 Victoria Embankment, has been purchased by leading charity Nesta, which will relocate from its current headquarters in the City to take occupation of the building when it is completed in August 2016.
The highly sustainable development will provide 48,000 sq ft of Grade A office space, which will accommodate Nesta’s own staff and serve as an innovation hub, providing high-quality, flexible office and collaboration space for organisations which share its innovation focused mission to bring ideas to life.
CEO of Nesta, Geoff Mulgan, commented: “We’re delighted to have found a permanent home for Nesta and a building that will also serve as a hub that brings together organisations committed to innovation for the public good.
“VIEW 58 is a rare find, a building that is not only a perfect fit with our ambition, but also one which embodies our values and represents a solid investment for the future.”
VIEW 58 was designed by award-winning architects TP Bennett, retaining the original façade of the building while providing a contemporary, functional development, featuring a central atrium along with exposed lifts and walkways.
Nesta was particularly drawn to the building’s integrated sustainability, incorporating technologies never seen before in the UK. These include solar photovoltaic panels, which generate power from both the top and underside, along with traditional carbon-reduction features, designed to exceed a BREEAM ‘excellent’ rating.
Managing Partner of FORE, Basil Demeroutis, said: “A key part of our ‘responsible real estate philosophy’ is to bring sustainability mainstream, to use it as a tool to unlock value just like any other asset management strategy and to widen the view of ‘green’ beyond the traditional narrow focus on energy, water and waste.
“We are very proud to be selling VIEW 58 to Nesta. The sale delivers a very strong return for our investors and proves that sustainable buildings enhance returns.”
Speaking on behalf of Kier Property, Director Phil Sutton, said: “We are delighted with the success of VIEW 58. The programme was a true collaborative venture from across the Kier Group using expertise in property, finance and construction, enabling us to deliver a first class facility for Nesta.
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