Aviva snaps up South Bank site for £100m office scheme
Aviva Investors has bet on the London office market’s eventual comeback after outlining plans to invest more than £100m into a new South Bank office campus.
The insurer’s asset management arm has bought two adjacent sites on Bermondsey Street near London Bridge Station, SE1, from Sellar, which will stay on as co-developer throughout the building of the campus.
The new mixed-use office development, named Bermondsey Yards, is made up of two plots which include existing commercial buildings on Bermondsey Street and a former leather warehouse next to the Vinegar Yards market.
Aviva Investors has bet on the London office market’s eventual comeback after outlining plans to invest more than £100m into a new South Bank office campus.
The insurer’s asset management arm has bought two adjacent sites on Bermondsey Street near London Bridge Station, SE1, from Sellar, which will stay on as co-developer throughout the building of the campus.
The new mixed-use office development, named Bermondsey Yards, is made up of two plots which include existing commercial buildings on Bermondsey Street and a former leather warehouse next to the Vinegar Yards market.
Daniel McHugh, managing director of real estate at Aviva Investors, said: “Our objective is to create an office campus that not only provides best-in-class facilities for its customers, but which is also environmentally sustainable, as we continue to decarbonise our portfolio and support the transition to a low-carbon economy.
“The South Bank is one of London’s most exciting office submarkets, attracting a wide variety of occupiers and characterised by low vacancy rates and increasing tenant demand, which reflects its strong location and proximity to major transport hubs.
“We believe this should ultimately offer a good degree of resilience in the portfolio over the long-term.”
James Sellar, chief executive at Sellar, added: “The character and amenities of Bermondsey Street and the surrounding areas are very appealing to companies, their staff, and their visitors with the added benefit of being adjacent to a major transport hub.”
Aviva Investors was represented by Savills; CBRE acted for Sellar.
To send feedback, e-mail alex.daniel@egi.co.uk or tweet @alexmdaniel or @estatesgazette
