Barings, one of the world’s largest diversified real estate investment managers, and LBS have selected Kier to design and construct their £69m highly sustainable mixed use commercial building at 135 Park Street in Southwark, London.
The new 12-storey, 148,486 sq. ft building will provide 131,900 sq. ft of office space, 12,900 sq. ft of affordable workspace, and a further 1,500 sq. ft of retail space. It is ideally situated near Shakespeare’s Globe Theatre and the Tate Modern, and the development extends the cultural regeneration of Bankside eastwards.
In keeping with Barings’ focus on assets with strong ESG credentials, and with Kier’s Building for a Sustainable World framework, 135 Park Street will be delivered to achieve specific UKGBC Upfront Carbon targets, which focuses on an overall reduction in carbon associated with construction activities and building materials. Kier will incorporate a suite of sustainable elements to reduce carbon during construction and throughout the building’s life cycle. This will include using low carbon concrete and a high performance, largely prefabricated, façade along with efficient M&E (Mechanical & Engineering) services with SMART technologies to ensure operational excellence.
With sustainability at its core, the project is targeting BREEAM ‘Outstanding’ along with a 5-star NABERS rating for high specification, cutting edge sustainable commercial buildings.
Designed to have a positive impact on its occupants’ health and wellbeing, the building will also use efficient design solutions for a high specification, sustainable workplace. These include light, airy spaces with large windows, green landscaping on the roof, external spaces, and panoramic views across the city.
Ian Mayhew, Managing Director, UK Asset Management at Barings, said: “135 Park Street is a net zero carbon development, both embodied and in operation and, combined with its generous amenities, we are providing just the sort of workspace that forward thinking occupiers require.”
Nick Crawford, CEO of LBS, said: “We are delighted to have appointed Kier as main contractor to deliver this best in class, highly-sustainable office building in one of London’s most attractive submarkets. 135 Park Street will set a new benchmark for the London office market, with the occupier at the centre of every decision from concept to completion.”
David McKenzie, managing director for London, South & Strategic Projects, Kier, said: “We are delighted to be awarded such a high-profile development, adding to our portfolio in London and supporting Bankside’s cultural regeneration.
“We bring Kier’s extensive experience and technical expertise to this project, delivering large scale commercial developments on tight inner-city sites, using modern methods of construction and offsite production. In line with our Building for a Sustainable World framework, we will be using carbon minimising construction materials and techniques to deliver this green building as a showcase for our client.”
Kier is highly experienced in commercial schemes in London, recently handing over 80 Grosvenor St in Mayfair to Frelene (Grosvenor Street) Limited, providing 17,500 sq. ft state of the art office and retail accommodation over five floors, including private terraces with panoramic views and luxurious contemporary spa style amenities.
Kier has also recently been awarded The Fitzrovia, a £54m commercially led mixed-use scheme on Tottenham Court Road for development manager, CO-RE. The six-storey, 88,000 sq. ft development will provide eight residential apartments, 65,000 sq. ft of Grade A office space and 8,000 sq. ft of flexible retail and education space.
Kier’s purpose is to sustainably deliver infrastructure which is vital to the UK. We are a leading provider of infrastructure services, construction and property developments and committed to delivering for communities and leaving lasting legacies through our work.
At the core of our project delivery is technical excellence, utilising the latest building methods, innovations and technology to ensure we offer the best value for our clients.
About LBS Properties
LBS Properties is a property development and investment management company focused on the commercial and residential sectors of the central London market. LBS’ portfolio of past and current projects comprises c.£1.3bn of GDV across 9 London boroughs. LBS was founded in 2012 and today has a team of experienced professionals with a proven track record in large scale, complex property development across sectors.
Barings Real Estate
Barings Real Estate (BRE) is a part of Barings and offers a broad range of global investment opportunities across the private debt and equity investment markets. BRE invests in all major property sectors and offers an expansive range of financing solutions to real estate borrowers. Follow us on LinkedIn at www.linkedin.com/showcase/barings-alternative-investments.
Barings is a $371+ billion* global investment manager sourcing differentiated opportunities and building long-term portfolios across public and private fixed income, real estate, and specialist equity markets. With investment professionals based in North America, Europe and Asia Pacific, the firm, a subsidiary of MassMutual, aims to serve its clients, communities and employees, and is committed to sustainable practices and responsible investment.
*Assets under management as of March 31, 2022