The Fitzrovia project implementation is set to proceed after Kier was given the go-ahead to begin construction. The project aims to deliver, a sizable office and residential complex on Tottenham Court Road in London. The project developers are M&G Real Estate and development manager CO-RE.
The Fitzrovia 87,000 square foot rehabilitation project, is located 200 meters from Oxford Street. It is moving forward because of the rising need for larger-scale workspace in the West End office market.
The project is expected to be finished in the autumn of 2024. Thus, it will produce a building that satisfies the highest environmental and well-being standards. Additionally, it has a goal of earning Platinum WELL, BREEAM Outstanding, and 5 Stars (Excellent) from NABERS Design & Performance Rating. The contract is estimated to be worth over £50 million.
Using an off-site construction strategy would reduce carbon and on-site emissions while maximizing prefabricated components. This is according to David McKenzie, Kier‘s managing director for London, South & Strategic Projects. Solar panels will be included in the building’s all-electric design. Thus, they will be part of a green roof terrace, which will promote biodiversity in central London.
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The Fitzrovia will promote sustainability and welfare in the region
The project intends to be a champion of sustainability and welfare within the central London office market. This is according to John Duxbury, Head of UK Portfolio Asset Management at M&G Real Estate.
“Our investment in The Fitzrovia is a continuation of our strategy to create large-scale assets in prominent areas where we can improve the built environment by supplying assets with best-in-class ESG credentials,” he stated.
“We are currently carrying out these mixed-use complexes at 40 Leadenhall in the City of London and at Haymarket in Edinburgh. Leading occupiers, whose decisions are heavily influenced by sustainability and welfare issues, are showing a lot of interest in these assets, together with The Fitzrovia, which enables us to pursue compelling risk-adjusted returns for our clients.”