JTRE London acquires leasehold for 220 Blackfriars Road for landmark £400m mixed-use scheme
JTRE London has acquired a long leasehold interest to develop the 220 Blackfriars Road development in partnership with Southwark Charities. When completed the new mixed-use scheme will provide two towers set amongst attractive gardens and landscaping; the 21-storey office building comprising 219,000 sq. ft. 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 £1bn 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 development truly embraces all aspects of ESG but leads the way in its Social impact. 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.”
Juraj Marko, Joint Managing Director of JTRE London, continues: “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. 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.”
Chris Wilson, CEO and Clerk to the Trustees of Southwark Charities, comments: “We are delighted to be working with JTRE’s impressive team, especially given their track record and understanding of Almshouses. This represents a significant point in the Charity’s long history. Southwark Charities has owned the site since 1752 and we are excited by the opportunity to breathe new life into a site with so much history and a deep-rooted connection to the charity. This deal gives us the means to provide the best quality housing for our residents and brings new energy to the area through office, retail and greenspace. Every penny generated from the development will stay in Southwark and will be spent delivering the vital work of the charity. We just can’t wait to get started as it will allow us to greatly enhance the original vision of the Charity and support those in “need, hardship or distress” in Southwark.”
Caroline Croft, Chair of Southwark Charities, continues: “Studies show that people who live in Almshouses live longer, healthier lives. For over three hundred years, our charity has been providing the people of Southwark with safe, comfortable homes in active, sociable communities. I am delighted that when this project is completed, even more people will benefit from what we do. This is a once-in-a-generation project for us, and we chose our development partner very carefully- JTRE London know how to build excellent Almshouses, and have an impressive ESG track record; I’m confident that they share our values and will deliver this exciting project.”
JTRE London’s portfolio of projects include the recently completed Appleby Blue at 116 Southwark Park Road, an award winning, architecturally striking new almshouse development providing 57 genuinely affordable homes for older residents, operated by United St. Saviour's Charity (USTSC) which works closely with Southwark Charities. Residents from the current Edward Edwards House have moved to this new development with no increased living costs and removal costs paid for by the charity.
Nearby on the Southbank, JTRE London completed Triptych Bankside last summer, a landmark £450m mixed-use scheme comprising 169 apartments in two blocks, plus 87,000 sq ft of office space and retail in a third. The office space is fully let to a diverse range of occupiers including world-leading consumer health company Haleon, American multinational architecture and design firm Corgan and Everyone TV, the UK’s digital TV platform, setting new benchmark £psf rates for the area.
Demolition of Edward Edwards House is due to commence in March of this year. Addleshaw Goddard LLP acted as solicitors for JTRE London, whilst Winckworth Sherwood acted for Southwark Charities.
