£30 million City office block to be converted to ‘low-carbon’ flats

45 Beech Street, set to be transformed from offices into into low-carbon housing (HUB/Bridges Fund Management)
45 Beech Street, set to be transformed from offices into into low-carbon housing (HUB/Bridges Fund Management)

A City office block bought today for £30 million is to be converted into “low carbonapartments.

Developer HUB and investor Bridges Fund Management have snapped up 45 Beech Street close to the Barbicanestate, the City’s biggest concentration of homes.

The 1950s building was previously a serviced workspace centre. It follows the recent acquisition of another City office building by the same purchasers on Ludgate Hill. Both schemes will be developed by HubCap, a subsidiary of HUB focused on low carbon building reuse.

A growing number of older office buildings that no longer meet modern environmental rules are being converted. Miles Keeley, principal at HubCap, said: “The Barbican has a proud history of pioneering city centre living.

“This scheme will deliver much needed living spaces to the area on a site that is in need of an upgrade to meet changing building and energy performance standards We look forward to developing the site in a way that’s authentic and respectful of this beloved place.”

Simon Ringer, head of property funds at Bridges Fund Management, said: “London has a pressing need for more highquality living space for its growing population. Since 2014 we have partnered with HUB on schemes on course to deliver more than 3300 lower-cost and affordable homes worth over £1 billion.”

DP9 is acting as planning consultant and Knight Frank advised on the deal. HK London and Michael Ellio acted for the seller.