Schroder UK Property Fund ‘Tech City’ scheme secures planning approval
Hackney Council has granted planning permission for proposals at Shepherdess Walk,
Hackney Council has granted planning permission for proposals at Shepherdess Walk, Schroder UK Property Fund’s (‘SPF’) extensive office redevelopment, situated close to Old Street tube station and the booming creative industries hub known as ‘Silicon Roundabout’.
The scheme, which will see the complete transformation of the dated 1980s office building currently on site, is set to create 130,000 sq ft of modern, high quality offices. Designed by architecture firm BuckleyGrayYeoman, the redevelopment will fully modernise the current space and extend the building by 50,000 sq ft. Work to be undertaken will also include the creation of a new landscaped courtyard and the provision of cycle storage, showers and lockers.
SPF purchased Shepherdess Walk for £18.5m in February 2012, demonstrating confidence in the rapid economic growth of London’s technology heartland. The redevelopment is one of only a handful of office schemes currently being progressed close to Silicon Roundabout.
James Lass, Fund Manager for Schroder UK Property Fund, said:
“We are delighted that the Council has approved our plans for this vital redevelopment. With a shortage of high quality office space set to be delivered in this part of London over the next few years, Shepherdess Walk is in a great position to cater to the area’s booming occupier market and the demand for flexible workspace.”
The scheme is due for completion towards the end of 2016.
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Schroders has managed real estate funds since 1971 and currently has £11.5 (€14.8 /US$18.7) billion of gross property assets under management as at 30 September 2014.Most of the property funds referred to are unauthorised collective investment schemes as defined in the Financial Services and Markets Act 2000. Promotion of these funds is restricted and access to full information about these funds is only available to those exempt from the restriction.
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