Resolution Property today announces the completion of an innovative £121 million forward funding deal with Peterson Group for the proposed development of “Ampersand”, a major new mixed-use development in London’s Soho providing iconic offices for creative companies, plus retail on Oxford Street.
Peterson Group, the privately-owned Hong Kong real estate and private equity group, will take ownership of the site formerly known as the Quadrangle, at the corner of Wardour Street and Oxford Street, London W1. Peterson will also fund the commercial redevelopment of the existing 80,000-sq-ft mixed-use building, retaining Resolution Property as development and asset managers.
The new scheme, designed by architects Darling Associates and re-branded Ampersand, will provide office floors averaging 17,000 sq ft each – a scale rarely found in Soho – around a newly-constructed atrium with cantilevered meeting rooms overlooking it. The building will feature a new entrance on Wardour Street, almost adjacent to the western ticket office of the new Tottenham Court Road Crossrail station.
Aimed firmly at meeting the workspace requirements of London’s creative businesses, Ampersand will include roof terraces on the southern and western elevations, plus bike parking and showers in the basement, in addition to break-out and interaction spaces in the atrium. There will also be 20,000 sq ft of newly configured retail space along the Oxford Street and Wardour Street frontages.
In addition to the commercial redevelopment, Resolution Property will separately add two floors to the building, to create a number of penthouse apartments - some with 4m-wide roof terraces. The apartments will be retained by Resolution for onward sale once completed.
Robert Wolstenholme, Partner of Resolution Property said: “Peterson are pro-active, intelligent investors with significant ambitions within London and it has been a pleasure working with them to conclude this important funding deal. We look forward to working with them on the Ampersand project, to jointly deliver the type of commercial space London needs to support its creative economy. We hope to be able to extend the relationship to other projects.”
Colliers International introduced Peterson to Resolution. Peterson was advised by Stephenson Harwood and KPMG. DTZ, Hanover Green and Berwin Leighton Paisner advised Resolution. Project managers for Ampersand will be Quartz and the main contractor will be McLaren.