FORE Partnership has purchased Tower Bridge Court, a 1990s-built office building situated in an iconic location on the south bank of the Thames immediately adjacent to Tower Bridge.
FORE is partnering with developer Landid to bring forward plans to refurbish and reposition the building, creating a highly sustainable, best in class, forward-thinking workspace that meets the needs of occupiers and the wider community. The acquisition is the first time FORE is working with developer Landid. FORE is a socially responsible, direct co-investing platform for UK and European real estate, backed by a dozen prominent family offices and private investors.
FORE acquired the building for £51 million from vendor West of England, a mutual marine insurance provider, which is also the main occupier of the building. Debt financing was provided by ICG Longbow.
Basil Demeroutis, FORE Partnership managing partner, said: “We believe buildings of the future not only need to focus on reducing carbon output, but also must foster creativity and innovation while at the same time bring about a positive community impact. These are all interlinked. With intensifying competitive forces, increased pace of technological disruption, and fast-moving social and demographic changes, we need to re-appraise how people live, work, and interact with different forms of real estate. Tower Bridge Court is a perfect example of a building that can be sensitively transformed in line with this philosophy.”
Chris Hiatt, Landid director said: “Tower Bridge Court represents a fabulous opportunity to work creatively to add real value. We are very excited to be partnering with FORE to modernise this building right in the heart of London, creating an amenity-rich design-led workspace fit for today’s businesses. FORE’s vision of realising value through creative, hands-on real estate strategies is perfectly aligned with our own approach to delivering sustainable, characterful workspaces.”
Landid, a specialist office developer, will act as FORE’s development partner on the project. Most recently Landid delivered a portfolio of market-leading workspaces in the Western Corridor, including the award-winning Thames Tower, in Reading, and The Porter Building, in Slough, the UK’s first WELL Certified office building
Tower Bridge Court, which is a short walk from London Bridge station and Tower Hill tube, lies in an exceptional position on the south bank of the River Thames, providing stunning views of Tower Bridge, the City of London, and the River Thames. The property comprises five floors, with a basement car park.
Walton International and Richard Susskind acted for FORE Partnership. Savills acted for the vendor.