(London) – Aviva Investors, the global asset management business of Aviva plc (‘Aviva’), has announced plans to refurbish 30 Golden Square in Soho, London W1, as part of its ongoing commitment to decarbonising existing buildings in its portfolio.
The project is being undertaken as part of Aviva’s existing partnership with the Public Sector Pension Investment Board (’PSP Investments’), one of Canada’s largest pension investment managers, which includes an investment portfolio across London and the CB1 Estate in Cambridge, a master-planned sustainable, mixed-use development spanning 26 acres in the Station Road area of the city.
It forms part of Aviva Investors’ commitment to achieving net zero across the entirety of its £47 billion Real Assets business by 2040, and follows the asset manager’s November announcement that it was undertaking an extensive refurbishment and decarbonisation programme of Curtain House, Hoxton, after acquiring the Grade II listed Victorian warehouse.
The work at 30 Golden Square, which will be led by Structure Tone, one of the UK’s leading interior and renovation construction companies, will see the property refurbished to offer 40,000 sq ft of office space, with sustainability kept top of mind throughout the process.
As part of the refurbishment, all-new mechanical, electrical and plumbing services will be installed throughout the property, allowing for the creation of a two-storey roof extension and three communal roof terrace spaces, complete with over 40 different wildflower and four grass species. The refurbishment will target a BREEAM ‘Excellent’ rating, placing it in the top 10 per cent of UK refurbishment projects with regards to its sustainability credentials. Work will also be undertaken to improve the external appearance of the building, which will be sympathetic to – and in keeping with – the historic character of Golden Square, including partial replacement of the façade in Portland stone, and a new entrance on Upper John Street, along with an enlarged reception space.
James Stevens, Head of Investment, Global Real Estate, at Aviva Investors, said:
“It is vitally important that existing buildings are refurbished and renovated in order to reduce their carbon reliance and intensity, with these assets forming a significant portion of total emissions in the UK. The work we are undertaking at 30 Golden Square will rejuvenate the asset, whilst also making it more in keeping with the transition towards a low-carbon future. We see this as a win-win situation, with occupiers benefitting from better energy efficiencies and therefore lower costs, whilst our investors gain from a reduction in the carbon footprint of their real estate portfolio.”
Stéphane Jalbert, Managing Director, Head of Asia-Pacific and Europe, Real Estate Investments, PSP Investments, said:
“As we continue to build our global sustainable portfolio, PSP Investments aims to seize investment opportunities that support the transition to a low-carbon future. Our partnership with Aviva Investors, continues our strategy of investing in dynamic markets and we are pleased to enhance the sustainability of 30 Golden Square by improving building performance and assessing alignment with relevant sector decarbonization pathways.”