German real estate specialist KanAm Grund Group has received planning permission from the City of London for its Princes Court redevelopment.
Purchased in 2019, the original 1960s building is located at 7 Princes Street, EC2, directly opposite the Bank of England and next to the luxury hotel The Ned and Grocer's Hall.
Construction will kick off at the end of this year, with completion in Q1 2024.
In collaboration with building developer Morgan Capital and architectural firm Aukett Swanke, the refurbishment involves stripping the original building back to its foundations, adding two new floors and replacing the outdated façade with a new one.
The nine-floor building will have around 54,000 m2 and is aiming for the highest BREEAM rating of "Outstanding", in line with the group’s strategy of offering first-class commercial properties with the highest sustainability standards.
Olivier Catusse, managing partner of KanAm Grund Group, says: ‘We have made a deliberate change in strategy over the past 18 months and have strengthened our staff in the Development division across Europe in order not only to acquire and manage high-quality properties for our investors, but also to be able to play an active role in their creation - in this case through redevelopment. The project reflects exactly what we have set as our corporate goal: To offer sustainable real estate with attractive and long-term performance prospects for our investors.’
Due to the open and wide building front facing the street, the spaces on the ground floor are suitable for restaurant or retail use, for example, while first-class bicycle storage facilities are available.
The highlight is the roof terrace with a view of the city's landmarks, which can be used both individually and jointly by the tenants.
The building has also good transport connections, thanks to the nearby Bank underground station, while the recently opened Elizabeth Line railway line will supplement the London Underground.