JTRE London acquires leasehold for 220 Blackfriars Road for landmark 400-million-pound mixed-use scheme

When completed the new mixed-use scheme will provide two towers set amongst attractive gardens and landscaping; the 21-storey office building comprising 20,350 sq m of grade A offices, attractive roof gardens and a new food and beverage offering will represent the tallest and highest value scheme to be developed in SE1 in recent years. Whilst the second smaller tower at 15 storeys will encompass 62 Almshouses with landscaped gardens, charity hub and community hall. The project will create an exemplar development that will allow Southwark Charities to continue to provide truly affordable residential homes on some of London’s most expensive real estate.

The acquisition of the long leasehold interest of 220 Blackfriars Road takes JTRE London’s portfolio to nearly 1 billion pounds and continues the company’s rapid growth in the capital in less than five years.

The Southwark site, which has been in continuous occupation as an almshouse since 1752, is currently home to the charity’s Edward Edwards’ House almshouse that provides 25 homes in desperate need of modernisation, as well as the Prince William Henry Pub. The development of the site and creation of the new office building will help facilitate the construction of the new almshouse, with existing residents having moved to Appleby Blue almshouse on Southwark Park Road which was completed by JTRE London last summer.

The pioneering new scheme at 220 Blackfriars Road was originally designed by Fathom Architects and has already won an award in the Housing category at the NLA New London Awards. The scheme will transform the site and more than double the number of existing Almhouses as well as creating a range of community spaces including community centre and gardens. At ground level, a new space for a restaurant or café will create an attractive active frontage that welcomes the community.

The offices will be Net Zero Carbon in operation and is designed to meet WELL Gold Building standards, BREEAM Outstanding, targeting NABERS 5 to 5.5 rating, as well as targeting Platinum Smart Score and Wired Score; the highest level achievable. The Almshouses will provide truly affordable residential accommodation with high quality amenity space akin to prime London residential developments. The Charity Hub will offer office space for the voluntary and charity sector at a significantly discounted rent of c. 80% whilst the creation of a new London garden square will be enjoyed by residents and the wider community alike.

Nigel Fleming, Joint Managing Director, said “This deal will be the third JTRE scheme in the London Borough of Southwark, and takes our portfolio to nearly £1bn in less than 5 years. The scheme will further enhance our reputation for delivering quality, complex and substantial placemaking projects and for a site with so much history and importance to the local community we are committed to delivering an iconic new part of Southwark which serves not only workers and residents, but the wider community.”

“We are delighted to complete on the purchase of 220 Blackfriars Road, with plans to create market-leading office space that delivers everything a modern business requires for their staff,” adds Juraj Marko, Joint Managing Director of JTRE London. “We will twin that with an Almshouse that really breaks the mould and delivers the best possible living experience for now and the long-term future.”