Resolution Property have completed an innovative £121 million forward funding deal with Peterson Group for the redevelopment of Ampersand, a major new mixed-use development in London’s Soho providing iconic offices for creative companies, plus retail on Oxford Street.
Peterson Group, the privately-owned Hong Kong real estate and private equity group, will take ownership of the site formerly known as the Quadrangle, at the corner of Wardour Street and Oxford Street, London W1. Peterson will also fund the commercial redevelopment of the existing 80,000-sq-ft mixed-use building, retaining Resolution Property as development and asset managers.
The new scheme, designed by architects Darling Associates and re-branded Ampersand, will provide office floors averaging 17,000 sq ft each – a scale rarely found in Soho – around a newly-constructed atrium with cantilevered meeting rooms overlooking it. The building will feature a new entrance on Wardour Street, almost adjacent to the western ticket office of the new Tottenham Court Road Crossrail station.
Aimed firmly at meeting the workspace requirements of London’s creative businesses, Ampersand will include roof terraces on the southern and western elevations, plus bike parking and showers in the basement, in addition to break-out and interaction spaces in the atrium. There will also be 20,000 sq ft of newly configured retail space along the Oxford Street and Wardour Street frontages.
In addition to the commercial redevelopment, Resolution Property will separately add two floors to the building, to create a number of penthouse apartments – some with 4m-wide roof terraces. The apartments will be retained by Resolution for onward sale once completed.
Robert Wolstenholme, Partner of Resolution Property said: “Peterson are pro-active, intelligent investors with significant ambitions within London and it has been a pleasure working with them to conclude this important funding deal. We look forward to working with them on the Ampersand project, to jointly deliver the type of commercial space London needs to support its creative economy. We hope to be able to extend the relationship to other projects.”
Hanover Green have advised on the redevelopment of the site and the adjoining Beaver Building and Hat Factory since 2009 and assisted Resolution in the formation of the new scheme securing by negotiation vacant possession of the upper floors in order to carry out the new development.
Hanover Green have been retained to let the new office space for Resolution / Peterson once completed alongside joint agents DTZ. Work starts on site in April 2013 with completion scheduled for the Autumn of 2014. DTZ and Berwin Leighton Paisner also acted on behalf on Resolution in securing the forward sale. Peterson were advised by Colliers, Stephenson Harwood and KPMG. Project managers for Ampersand are Quartz and the main contractor is McLaren.