News: Powell Williams completes £2.75m Leadenhall refurbishment for AEW Europe

Powell Williams has completed the £2.75m refurbishment of 65 Leadenhall Street for AEW Europe.

Located in the heart of the City’s insurance district, seven occupied and three vacant floors of the 32,000 sq.ft office building were upgraded with tenants in-situ over the last 12 months.

Background

Powell Williams initially advised on the fund’s acquisition from Brookfield Group in June 2015. The firm’s project management team, in conjunction with services consultants WPP, recommended fabric and building engineering works to bring the 10-storey building more in line with nearby competition and enhance its capital value.

Powell Williams undertook a feasibility exercise, dealt with planning and then managed the design and implementation of the works. The reception area was transformed, common areas and WCs upgraded and a new more efficient air conditioning system installed throughout.

The removal of obsolete machinery allowed for the creation of additional office space and external terraces on the seventh floor, as well as a new bike store and changing facilities in the basement.

Working closely with main contractor Oakmont Construction, and M&E contractor Diva, Powell Williams ensured minimal disruption to the existing occupiers, with works being managed out-of-hours where possible.

Innovative techniques

The classic Portland stone 1920’s façade, which was retained while the remainder of the building was rebuilt in 1990, also benefitted from a comprehensive clean. Powell Williams appointed restoration specialists Thomann-Hanry to carry out the works using its innovative Façade Gommage system, a gentle abrasive technique using low-pressurised air.

This unique method, which removes dirt by vacuum via a crane, requires no scaffolding and was completed over a weekend with minimal impact on pedestrians, traffic or the building’s occupants.

Powell Williams partner Darren Ward who lead the team, said:
“This classic City office building is located in an up and coming area but needed modernising to maximise rental income. Our experience of this type of project allows us to demonstrate how the building can be significantly improved within an agreed budget and timeframe and logistical problems can be overcome.”

Located close to the Lloyds building and within the City insurance hub, it is within easy reach of Bank, Aldgate, Fenchurch Street and Liverpool Street stations and is set to benefit from the opening of Cross Rail in 2019.

Delighted clients

Josephine Flattery, Executive Director at AEW Europe, said:

“65 Leadenhall is a solid investment providing a stable return for the fund. However, we felt the property also had scope for enhancement and our refurbushment will help to ensure the asset performs well in the coming years.

“I was impressed with Powell Williams’ approach to this project, from their recommendation of contractors, liaison with tenants and their proactive and innovative approach in managing a challenging refurbishment. The newly upgraded space is already seeing increased enquiries which is the testament to the success of the project.”

The agents on 65 Leadenhall are Newton Perkins and Spring4.