BPP has acquired Carlson Court in Putney from the international business of Federated Hermes for £23 million and 111-115 Salusbury Road in Queens Park from a private investor for £16.5 million. The acquisitions increase the size of Akoya’s portfolio to 6 properties with a value of around £200 million.
Carlson Court, located on Wandsworth Park, is a 45,000 sq ft vacant office building with views over the Park and the River Thames. BPP will carry out a comprehensive refurbishment and extension of the property to deliver a high-quality neighbourhood workspace campus. It will incorporate best working practices, including sustainability, health and wellbeing, flexibility and technology. The campus will include first-class amenities, including a restaurant, café, gym, extensive parking and cycle facilities, in addition to a “park-scaped” courtyard and terraces overlooking the river.
111-115 Salusbury Road is a 29,000 sq ft Grade A office building, let to AMC Networks International, until June 2021. Akoya already owns a large workspace estate in Queens Park (Lonsdale Road and NW Works) and sees this purchase as a natural extension to its holdings. BPP intends to convert the building into multi-let office space, when the lease with AMC Networks International expires and to add a two-storey, 10,400 sq ft extension on the roof, for which there is planning consent.
BPP was advised by Montagu Evans at Putney and by Michael Elliott at 111-115 Salusbury Road. Federated Hermes was advised by TT&G.
Jamie Acheson, Senior Director of BPP, said: “Carlson Court is a natural extension south of the river for our Akoya venture. This project provides an exciting opportunity to create a sustainable neighbourhood workplace that will appeal to local businesses and occupiers wishing to relocate from central London.
“Akoya was founded in Queens Park and so 111-115 Salusbury Road was a natural acquisition for the venture. The property enjoys beautiful views across the green spaces of Paddington Cemetery, is a short walk from the tube station and sits in the midst of all the local amenity that Queens Park offers”.
BPP launched Akoya in September to provide sustainable workplaces for creative businesses in London’s flourishing neighbourhoods. Akoya will meet the desire for workers in Greater London to work locally in the wake of the Covid-19 pandemic. It is a progressive workplace strategy, focusing on
localism and a work-life balance for occupiers. Healthy lifestyles, occupier wellbeing and local communities form some of the key themes.