CBRE, the global property advisor, has been appointed by Hermes Real Estate and Canada Pension Plan Investment Board as part of their London joint venture, to manage 220,000 sq ft of office space at the South Bank Tower in London. The appointment follows the joint venture’s purchase of the commercial offices and retail elements of the South Bank Tower, along with the residential ground rent income, in June of this year.
The Tower, formerly King’s Reach Tower, is a 269,000 sq ft mixed used development in the heart of London’s Southbank and will rise 41 storeys above the Thames upon its completion in May 2016. In addition to the office space, the Tower will provide 191 luxury residential apartments and 36,000 sq ft of retail and restaurant space.
CBRE will be responsible for the day-to-day management of the site and will work alongside Hermes Real Estate, as asset managers on behalf of the joint venture partnership, to support the redevelopment of the site between Autumn 2015 to 2016. This will include site mobilisation, design management and the implementation of operational controls, such as service charges, for the whole Tower.
Ian Cody, Asset Manager, at Hermes Real Estate commented:
“The South Bank is rapidly becoming a destination of choice for commercial tenants with its excellent infrastructure and transformed environment. Our partnership with CPPIB at the South Bank Tower puts us at the heart of this thriving area and we are confident CBRE will help us achieve the high quality service and accommodation required for this world class office destination.”
David King, Chairman, UK Asset Services at CBRE, said:
“London’s Riverside continues to develop at an astounding rate, and is unrecognisable from just a decade ago, with a plethora of first class occupiers thriving in this major mixed used development area. The premier location, fantastic infrastructure and excellent transport links continue to attract new investment and by 2016 the Riverside is expected to provide 20,000 new homes and 25,000 additional jobs. It is hugely exciting to be part of this project and we look forward to working closely with the team at Hermes Real Estate, to ensure we demonstrate our forward thinking property management capabilities so the site delivers for its occupiers.”
