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Deloitte to market London's first HB Reavis office

Deloitte is to help market a major new City office development

Tuesday 21 January 2014

Experts from Deloitte are set to work on a major new office development in the City of London.

Development group HB Reavis has given Deloitte Real Estate the opportunity to help market a new 230,000 sq ft building which is to be constructed at 33 King William Street, EC4.

Leasing specialists at the business advisory firm will join forces with their counterparts at Knight Frank City, with the project representing HB Reavis’s first investment in the English capital.

HB Reavis, which is one of the biggest property developers in central and eastern Europe, plans to demolish the existing office building based at the 33 King William Street site.

In its place, design teams at John Robertson Architects have been commissioned to plan a “striking” new building, with the revamped site due to feature a roof garden facility.

With the project set to be developed on a speculative basis, it will be completed by the end of 2016, under the current plans.

Further acquisitions expected

According to Deloitte, the 33 King William Street scheme is one of very few developments being taken forward in the City of London at present.

Although the development will be the first HB Reavis project in the capital’s financial district, the firm is expected to acquire further office sites in central London over the coming 12 to 18 months.

The group acquired the site for 75 million euro last year, with the existing building due to be demolished once the current lease expires in June.

‘A unique opportunity’

Discussing the project shortly after the acquisition of the site was completed, Tomas Jurdak from HB Reavis said it should offer the company a “unique opportunity”.

He added: “Our intention is to continue investment in additional high-quality development opportunities in London into 2014. We look forward to establishing our company as an active contributor to London’s world class real estate community.”

According to HB Reavis, 33 King William Street should prove to be an attractive location because of its close proximity to the Bank of England and London Bridge.

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Copyright Press Association 2014

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