Building value

Our over-riding aim is to deliver space that maximises quality as well as quantity. We want to provide enjoyable and efficient space for our tenants – offices that are bright and comfortable, cost-effective in use and energy efficient.

We have always strived to do better and think smarter, learning from the past, looking to be progressive and to challenge conventions. Over the years we’ve developed better ways of allowing design to evolve. Each new working relationship is unique. We do not commission practices to reproduce archetypal work: we are willing to be revolutionary and often find that the resulting collaboration produces more exciting and innovative architecture. By cultivating relationships with smaller architectural, design and engineering practices – whose skill, tenacity and vision we value just as much as those of more established firms – we are able to work closely throughout a project, and develop a strong creative understanding.

Through innovative planning solutions we look to add floorspace and, therefore, value to our buildings. We don’t build ‘run-of-the-mill’ properties, we create exciting spaces, focused on strong design and high quality construction but, most importantly, good value for tenants. We draw on our extensive experience and expertise to select the right team from the right firm for each job whether contractors, architects or designers.

The Johnson Building EC1

From	8,700m2	83%
To	15,900m2

Utilising a previous courtyard to create critical mass for a mixed-use redevelopment scheme, we used a generous approach to space standards and a parallel commitment to sustainable design. Daylight is brought into the building through double height spaces and mezzanines while a new private courtyard provides tenants with a peaceful exterior space.

Arup Phases II & III W1

From	9,300m2	47%
To	13,700m2

The demolition of two redundant 1960s buildings and the construction of new offices at 8 Fitzroy Street formed phases II and III of a development agreement between ourselves and Arup. The result is a high specification, superior quality office building of 13,700m² occupied by Arup as headquarters for their global engineering consultancy service. This striking coloured glass-clad building provides seven levels of offices around a central atrium, along with associated meeting rooms, a reception, café and library, plus conference and exhibition space.

Tea Building E1

Originally a Lipton’s Tea warehouse, the interior was stripped back to its bare essentials to emphasise the building’s industrial character transforming it into 23,000m² of exciting office space that now plays host to a variety of creative businesses as well as the Shoreditch House club and boutique hotel. The building has become a focal point for the regeneration of the area and has encouraged other businesses to follow suit.

Qube W1

Replacing a 1960s office building that had reached the end of its useful life, the Qube development which completed at the end of 2007 has transformed the area around Tottenham Court Road and Whitfield Street in the heart of our Fitzrovia holdings. Comprising 9,300m² of office space, six retail units and a prestigious private apartment block, this iconic glass building with a large central atrium and generous reception (incorporating stunning artwork by renowned artists Ian Davenport and David Tremlett) provides a sense of space and a level of specification unrivalled in the area.

Angel Building EC1

From	15,100m2	62%
To	24,400m2

The Angel Building redesign is set to bring a much-needed transformation to the area directly south of Angel station. By summer 2010, the building will boast a sleek new glass façade. The entrance to the contemporary urban office space is a substantial 1,200m² reception area. It’s a radical change from the building’s previous incarnation, which was modern in its time; a concrete structure housing 15,100m² of office space built around an open internal courtyard. The building was set back from the roadside, in anticipation of a road-widening scheme that never materialised. A tree-lined area filled the gap between the building and the pavement but had become a repository for shopping trolleys, beer cans and fast food packaging.

Our architectural vision for this part of Islington was to reconnect the building with the street. We saw the opportunity to gain substantially more space that previously wasn’t utilised. The regeneration strategy is focused on re-using the existing building structure to fulfil its potential, with the existing tired skin being removed and the floor plates increased.

We are introducing amenities, including a restaurant and lounge area, that will prove attractive and useful for occupiers. The reception area is designed to be a hub for the entire building, rather than merely a corridor to walk through on the way to a meeting.

The historically problematic public space will be re-landscaped, with several of the existing mature trees remaining and new trees planted. This new public realm will provide opportunities for outside restaurant and café dining and, most importantly, informal use by the tenants. We hope that these newly landscaped areas and the building as a whole will help to breathe fresh life into this corner of north Clerkenwell.

Tenants are increasingly citing sustainability as a key factor in rental discussions, while investors, bound by their own corporate social responsibility policies, are asking searching questions about carbon footprint and a building’s ability to adapt to climate change. We have always tried to stay one step ahead and energy use and sustainability are in the forefront of our minds when we consider our schemes. In 2003, we completed the Davidson Building in Covent Garden, one of the first speculative properties in London to use a displacement cooling/heating system employing under-floor air and exposed thermal mass as a means of reducing air conditioning energy use. Fast on its heels came the Johnson Building in Hatton Garden which features a similar low energy approach. This building introduced DALI lighting into our portfolio; microprocessor technology which switches lights between full, dimmed and off mode in response to both natural lighting conditions and the movement of people. These systems have also been installed in our schemes at Horseferry House, the Charlotte Building and the Angel Building. This approach not only appeals to the tenants’ green credentials but also, practically, reduces the running costs of the building.

Historically, we have primarily relied upon the regeneration of existing buildings rather than outright redevelopment to achieve our objectives. The vast majority of our larger schemes contain inherent sustainability in terms of their adaptive re-use of existing structures. This approach saves management time as well as reducing the planning process. We also save on new materials by re-using instead of demolishing. For example, by retaining the existing frame at the Angel Building, we were able to generate a cost saving of approximately £50 per sq ft for the refurbished space.

Additional information about our sustainable activity is detailed in the sustainability section.

Over the past 10 years, capital expenditure totalled over £400m and, excluding Arup phases II & III and Qube, which we inherited from the acquisition of LMS, only 13% of our capital expenditure was incurred on new-build development. The remainder was invested in more than 200 schemes ranging from large refurbishments such as Horseferry House, to adding new floors or upgrades of space.

Horseferry House SW1

A magnificent nine-storey brick building with large internal light wells, just off Millbank in Victoria occupied by a government department and featuring outdated office accommodation. A major refurbishment was undertaken to relocate the lift cores, toilets and escape stairs into the now-enclosed lightwells, with a new rooftop extension, creating superior and modern space. New fenestration, a full building ‘clean and repair’ and reconfigured entrances improved street presence and repositioned the building in the market. The entire transformed building was pre-let to Burberry as the world-renowned fashion retailer’s new global headquarters office and showroom.

Greencoat & Gordon House SW1

We continually review our buildings and, where appropriate, refurbish and upgrade space on a phased basis over time. Greencoat and Gordon House in Victoria is a typical example. Acquired in 1995 for £10m, this building produced rental income of £1.1m pa at the time of purchase. We have since added space by completing two roof extensions and converting loading bays and storage areas into office space. In addition, we have upgraded various office suites and transformed the reception area; what was previously an understated and underutilised space now features colour, texture and striking contemporary furniture. The upgraded, streamlined and modernised reception is a positive and welcoming introduction to the building.

In total, 12 schemes have been carried out contributing to a rental value of over £4m pa and a property value in excess of £50m.

Our most recent scheme was the refurbishment of the top floors of Gordon House, a refined red-brick building, and the addition of a rooftop extension to create a new floor. Now complete, this project appears at first glance to be a signature Derwent London space – a tasteful, minimal, white-walled environment with generously proportioned, timber-framed windows overlooking an historic part of the capital. But the real story lies in its construction, which points the way to a greener future. The new rooftop extension is built out of structural timber, while the prefabricated walls are also structural and help to support the ceiling, meaning fewer columns and, therefore, less steel. Steel is particularly environmentally unfriendly, because it is energy-intensive to produce. This construction method was chosen because it was fast as well as green.