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Aviva allocates £100m for London south bank scheme

[Photo: Frans Ruiter/Unsplash]

Aviva Investors, the asset management arm of insurer Aviva, has committed over £100 million (€112 million) to London’s Southbank where, alongside developer Sellar, it will develop a new office campus.

As part of the deal, Aviva Investors acquired the site from Sellar, which is headquartered in one of the existing buildings on Bermondsey Street, SE1.

Sellar will be co-developer and the two businesses will work in partnership to develop the project. Two adjacent sites will be acquired on Bermondsey Street.

Plans formulated previously by Sellar in collaboration with architect Renzo Piano had envisaged a 150,000 sq ft (13,935 sq m) mixed use scheme including 140,000 sq ft of offices.

The latest scheme will see Aviva Investors and Sellar undertake redevelopment and selective renovation of existing buildings on the site.

Bermondsey Yards comprises two main plots that include existing commercial buildings on Bermondsey Street and a former leather warehouse on an adjacent plot, next to the Vinegar Yards open-air market (pictured above).

The project is adjacent to London Bridge Station, with the cultural areas of Southbank and Borough Market nearby and the City of London, approximately 15 minutes away on foot.

Aviva said that a high-quality mixed-use office campus with retail facilities is planned. The evolving needs of occupiers and “well-being” are priorities, and plans envisage the creation of flexible spaces with spacious environments.

In a statement Aviva said the “campus-style collection of buildings will be further enhanced by boutique amenities, with the aim of creating an attractive set of surroundings to the complex and the immediate community”.

“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,” said Aviva Investors’ managing director real estate Daniel McHugh.

Aviva Investors was represented by Savills. CBRE acted for Sellar.