Orion Capital Managers and Quadrant Estates today announced the appointment of Morgan Sindall as  building contractor on Carmelite Riverside, the 135,000 sq ft prime riverside office development at 50 Victoria Embankment. Work will start on the redevelopment immediately.

Tristram Gethin, Quadrant Estates said:

“This is a significant step forward and we can now get cracking on what is one of London’s most exciting and enviable office locations adjacent to the brand new Blackfriars station.   The additional floor delivers more premium office space for occupiers and the 7,500 sq ft roof terrace provides one of the very best views in London. This is what sets Carmelite Riverside apart.”

Morgan Sindall will be responsible for the £25m construction of the redevelopment to Grade A standard, which offers river frontage and typical floor plates of 21,000 sq ft over eight floors. Carmelite Riverside will be completed and ready for occupation in April 2014. The redevelopment will include new cladding to optimise the building’s position and views.

Orion Capital Managers bought Carmelite House last July from Aberdeen Asset Management and entered into a joint venture agreement with Quadrant Estates, as development manager, to develop the building which is the former Daily Mail HQ.

Carmelite Riverside will attract occupiers looking for a Grade A building in a prime riverside location, particularly those from the West End, City and Midtown, where new Grade A stock is in limited supply.

Leasing agents for Carmelite Riverside are CBRE and Knight Frank. The architect is Fletcher Priest. 

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Contact:

Sidecar Communications
Rebecca Cockman Goodford
01491 638 118 /07771 548 999
becky@sidecarcommunications.co.uk / @sidecarcomms 

Quadrant Estates:  Quadrant is a private property development and investment company founded in 1997.  Its strategy is to generate strong investor returns through intelligent asset selection and effective asset management.  The company has a 2 million sq ft development pipeline with a value at in excess of £1 billion, including the 230,000 sq ft Moorgate Exchange, the 100,000 sq ft 100 Cheapside and the 135,000 sq ft Carmelite developments in Central London, the 1.25m sq ft Eureka Business Park, Ashford and the 450,000 sq ft mixed use development at Trafalgar Wharf, Portsmouth Harbour. www.quadrantestates.com

Orion:  The Orion European Real Estate Fund III, C.V., is sponsored by Orion Capital Managers, a leading European real estate investment firm wholly owned by Aref Lahham, Bruce Bossom and Van Stults. Orion has completed €4.0 billion of real estate investments since its inception in 1999. Orion has a team of over forty real estate professionals with offices in London, Paris, Madrid, Milan and Luxembourg. Currently, Orion is investing the Orion European Real Estate Fund III with €1.28 billion of committed equity raised in 2009. Orion has funded in excess of 2 million sq ft of developments, re-developments and refurbishments across Europe. www.orioncapitalmanagers.com

Contact: 

Richard Aylwin
020 7553 9331 / 07966 018252
Richard@aylwincom.co.uk

Morgan Sindall

Morgan Sindall is a UK construction, infrastructure and design business with a network of local offices. The company works for private and public sector customers on projects from £50,000 to over £500 million. Activities range from small works and repair and maintenance, to the design and delivery of complex construction and engineering projects where it is able to provide specialist design, tunnelling, utilities, building, civil engineering and mechanical and electrical services. The company operates across the commercial, defence, education, energy, healthcare, industrial, leisure, retail, transport, waste and water sectors. Morgan Sindall is part of Morgan Sindall Group plc, a leading UK construction and regeneration group with revenue of over £2 billion and which operates through five divisions of construction and infrastructure, affordable housing, fit out, urban regeneration and investments.

For more information, please contact Ruth Cobban at Paver Smith on 0151 239 5000 or Cobban@paversmith.co.uk