(London) – Aviva Investors, the global asset management business of Aviva plc, announces it has completed work at its heritage-led redevelopment at Pegasus Mayfair in Central London.
The newly-completed scheme provides approximately 60,000 sq ft of office space spread across six floors, as well as six residential apartments and nearly 14,000 sq ft of commercial space at street level, including a retail parade facing Piccadilly and a restaurant on Sackville Street. In February, Aviva Investors announced approximately 31,500 sq ft of Pegasus Mayfair had been pre-let to Sona Asset Management, spread across the first three upper floors of the building.
The creation of Pegasus Mayfair has been a significant undertaking, involving the redevelopment and retrofitting of Pegasus House and Nuffield House, two historic buildings on the corner of Piccadilly and Sackville Street, originally designed by renowned architect George J. Skipper and commissioned by Norwich Union in the 1920s. The project included the partial demolition of Grade II listed Nuffield House, retaining the building’s historic front and side-facing façades, whilst fully-redeveloping Pegasus House to bring it more in-line with Skipper’s original masterplan, having deviated from his design when completed in the 1950s.
The project is targeting a BREEAM ‘Outstanding’ rating for environmental performance and a NABERS 4.5 Star rating for energy efficiency.
Pegasus Mayfair is the second major development scheme to be completed by Aviva Investors in as many months, having announced completion of at its flagship One Liverpool Street office development in the City of London in July. The scheme provides 176,000 sq ft of office and retail space across the ground and ten upper floors, alongside several other high-profile developments being delivered by Aviva Investors in the City of London, including 101 Moorgate, the redevelopment of 130 Fenchurch Street to create a showpiece 34-storey tower, and an initial assessment into the development potential at New Broad Street House, which could provide up to an additional 100,000 sq ft of additional prime office space, subject to planning permission.
Ben Littman, Head of Development, Real Estate, at Aviva Investors, said:
“We believe Pegasus Mayfair is a showcase in how to bring a historic building in-line with the exacting standards of today, without losing its character, history and heritage. Through this project, we have taken a once-prestigious, but now tired and energy-poor, scheme and making it ready for the future, equipping it with modern infrastructure and technologies. This makes it more energy-efficient, lowers the cost of occupation, and increases its appeal whilst also improving its rental potential. We believe it is now well-placed in our portfolio to help support the delivery of investment outcomes to clients, savers and investors.”