City of London planners have given a green light for Frankfurt-headquartered KanAm Grund Group’s plans to redevelop a 1960s building located directly opposite the Bank of England in the City of London.
KanAm Grund Group acquired the building at 7 Princes Street in early 2019.
The development of Princes Court, in collaboration with development manager Morgan Capital, will take the original building back to its frame, add two new floors and replace the whole façade with a new high-performance replacement. This will create a nine-storey building of about 54,000 sq ft (5,017 sq m). The project has been designed by architect Aukett Swanke.
A BREEAM ‘Outstanding’ rating is being sought. Construction is scheduled to begin later this year, with completion planned for the first quarter of 2024.
KanAm Grund Group managing director Olivier Catusse said that the company has, “made a deliberate strategic change within the organisation in the past 18 months and strengthened our development team throughout Europe in order to not only acquire and manage high-quality real estate for our investors, but also to be able to actively participate in its creation.”