London’s Alexander House set for £52m redev

A newly created jv between Taurus and W.RE has acquired Alexander House at 14-16 Peterborough Road, Parsons Green, SW6. The deal marks the partnership between US private equity firm Taurus Investment and London-based real estate developer and asset manager W.RE. The current 22,240 sq ft property includes a partially let office building, garages facing onto Peterborough Mews, and a small residential house at 17 Peterborough Mews, comprising a freehold site of 0.33 acres. It was acquired from Martins Properties, with Puma Property Finance providing over £30m of acquisition and future development funding. The jv plans £52m redevelopment of Alexander House, turning it into 45,000 sq ft of flexible office space. Planning permission for the scheme was secured in September last year. The new development is expected to benefit from an abundance of natural light, air source heat pumps, PV panels and two roof terraces on the third and fourth floors. Overall, the grade-A office space will span five storeys. The project is targeting BREEAM “Excellent” and an EPC A rating, and will be developed with a net-zero carbon construction target. The partnership intends to start construction in early 2023, with completion scheduled for early 2025. Andrew Haines, chief operating officer at W.RE, said: “This area of south-west London is popular with professionals and families due to good transport links, but it is lacking high-quality office space. “We will deliver a sustainable, best-in-class building that will take advantage of the increasing requirement from tenants for workspace in attractive locations outside of historic core central London.” Nick Jacobs, executive managing director at Taurus UK, said: “We believe that such investment is essential for the medium and long-term preservation of value. We also believe that it is our duty to invest with ESG factors as a key part of our strategies.” To send feedback, e-mail evelina.grecenko@eg.co.uk or tweet @gre_eve