Green redevelopment at historic site in the City of London gets the green light

Patrizia, a leading partner for global real assets, has received the greenlight from the City of London for the transformation of a key site in Aldgate into a best-in-class and sustainable office development, as well as the provision of community, cultural and leisure facilities. The scheme is a key investment in Patrizia’s flagship value-add series, TransEuropean.

The plans, which were approved by the City of London’s Planning Application Sub Committee today, involve the redevelopment of 30 Minories, which currently comprises an existing 16-storey tower and 7-storey podium, into a 16-storey building.

This will provide c.186,500 sq. ft. net internal area (NIA) of best-in-class office space on the upper levels and a range of flexible retail, leisure and employment uses on ground and lower ground floor levels.

Designed by PLP Architecture, the development is targeting BREEAM ‘Outstanding’, WiredScore Platinum, WELL Platinum and NABERS UK, and will aim for a net zero carbon design in operation. The scheme includes terraces on each floor accessible for the office occupiers, which incorporate ‘English woodland’ landscaping inspired by renowned landscape architect, Kim Wilkie.

The plans will also see the Writers House – a neighbouring Victorian warehouse heavily altered in the 19th century – retained and substantially refurbished to provide community use floorspace at ground and lower ground level, with the upper levels of the 6-storey building leased at affordable rents to local enterprises and start-up businesses.

The public walkways around the site, currently characterised by inefficient routes and brick walls, will be enlivened with a small pocket-park, a new courtyard, bicycle parking and the creation of a visual route through Writers House which connects Haydon Street to Sheppy Place and St Clare Street.

The scheme is being delivered by development manager, Morgan Capital. The plans, which were recommended for approval by the City of London’s planning officers, evolved through an extensive consultation process with key stakeholders and are consistent with the City of London’s City Plan 2040 (due to be adopted in 2024), which seeks to promote the area as an attractive office and residential location.

Christie Wright, Fund Director for the TransEuropean series at PATRIZIA, comments: “Throughout the 30 year history of the TransEuropean series, we have consistently delivered outperformance for our investors by unlocking the hidden value of assets in core European markets.

“We are thrilled to reach this planning milestone for 30 Minories and bring forward an exciting investment that strengthens our flagship value-add platform and expands our footprint in the UK market. In line with our broader TransEuropean philosophy, we look forward to driving the future value of this asset by executing the real estate fundamentals around quality asset management and development expertise.”

Richard Scutt, Director, Real Estate Development at PATRIZIA, comments: “We are delighted to achieve planning consent for 30 Minories working in close collaboration with our development partner Morgan Capital.

“We are pleased to take the next step in bringing this exciting project to life and in doing so grow our portfolio of real estate development projects across the UK.”

By Mark Adair – Correspondent, Bdaily

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