Landsec agrees office buy overlooking Oval cricket ground

Landsec has confirmed it is buying a major new office development in south London with views over the Oval cricket ground. The REIT has exchanged contracts to buy Oval Works, a 76,800 sq ft office building which is part of Berkeley Group’s broader Oval Village redevelopment. The final value of the completed building is estimated to be around £100m once leasing is tied up, and the acquisition is conditional on receipt of planning consent. Housebuilder Berkeley is creating 1,300 homes as part of the scheme, which will involve the complete regeneration of the area covered by the century-old listed gas holders that sit behind the cricket ground. Oval Works will comprise seven floors and have space for around 750 employees. It will include a café, a co-working space and a wrap-around roof garden on the sixth floor. The building will also have an entirely electric heating and cooling solution. Office workers are expected to move into Oval Works in 2025. Marcus Geddes, managing director of Landsec’s London operations, said: “This is an exciting milestone in the delivery of our strategy, as we seek to optimise our London office portfolio by reinvesting capital into locations and products that can deliver strong returns. “We want to create sustainable places that boost economic activity and foster wellbeing, knitting our office developments into the fabric of the city. Oval Works is an ideal opportunity to deliver on this ambition, creating a working hub in an emerging office location within central London. We look forward to collaborating with Berkeley to shape this special place.” Oval Works is one of a number of commercial spaces that Berkeley is developing as part of the Oval Village scheme. The 25,000 sq ft Phoenix Works office building is set for completion at the end of 2023, while further ground-floor office and retail provision will be delivered across the scheme from summer 2024 onwards. Paul Vallone, divisional managing director of Berkeley, said: “Oval Village is an award-winning mixed-use development. Part of that success has been the significant contribution to placemaking that will come from Oval Works and the people who will work there.” Allsop acted for Landsec and Cushman & Wakefield acted for Berkeley. To send feedback, e-mail alex.daniel@eg.co.uk or tweet @alexmdaniel or @EGPropertyNews See which agents are doing the most office deals in the London markets with our On-Demand Rankings >> Photos courtesy of Tulchan Communications