Developer HubCap, in conjunction with specialist sustainable and impact investor Bridges Fund Management, has acquired 150 Minories in London’s Aldgate area for £39 million and plans to repurpose the commercial building as residential space.
The project will provide 300 new homes. The current building provides 59,000 sq ft of office space (5,500 sq m) but according to sales particulars this could be increased to 116,000 sq ft (10,800 sq m).
Miles Keeley, Principal at HubCap, said: “There is a chronic need for more good quality, sustainable housing in the City of London, so that people can continue living and working there. 150 Minories will deliver up to 300 new homes to help meet this need.
“This part of Aldgate is poised for major revitalisation, and we look forward to playing our part through this transformative development. The back-to-back acquisitions of Minories and Beech Street highlight the scale of our ambitions to be a market leader in the re-purposing space.”
The acquisition follows the recent £30 million purchase of 45 Beech Street, adjacent to the Barbican estate, which is another conversion project. Both the Minories and Beech Street projects envisage retaining the frame of the building and reinforcing the foundations, an approach which saves 30% embodied carbon compared to an equivalent new build.
“HubCap’s strategy is to identify sites suitable for conversion that will help to reanimate pockets of cities in need of an injection of life. Introducing a better mix of uses in city centres, especially more housing, is crucial for resurrecting local economies.”
JLL advised HubCap on the acquisition. Addleshaw Goddard acted on the legals. DP9 acted as planning consultants and Morris&Co as Architect. HK London and Michael Elliot advised the Seller