Railpen secured planning consent for major redevelopment project at 12 Smithfield

Due to complete in Q4 2028, the consented scheme will reposition the existing building as a best-in-class, sustainable workspace, delivering more than 122,000 sq ft of high-quality office and amenity space. The project has been designed in line with Railpen’s core vision of creating future-ready workspaces that meet the evolving needs of modern occupiers, and will contribute to the regeneration of the Smithfield area, which is undergoing £400m of investment. This includes the planned opening of the new London Museum in 2028 at the historic Smithfield Market site, which will sit at the centre of a dynamic new cultural quarter.

Designed by architect Henley Halebrown, the scheme will retain and upgrade the existing structure while introducing a new façade, expanded public realm, and enhanced environmental performance, targeting BREEAM Outstanding, EPC A, WELL Core Platinum, NABERS UK 5*, and Net Zero Carbon in operation.

The development will feature office floorplates of up to 20,000 sq ft across five levels, and include more than 9,400 sq ft of private terraces and a rooftop garden, alongside 11,400 sq ft of multifunctional retail, café and amenity space. Overlooking the Smithfield Market site and located less than 5 minutes from Farringdon and the Elizabeth Line, the building will offer excellent connectivity across London and the wider South East.

Emily Atkinson, UK Offices – Sector Lead at Railpen, said: “Securing planning consent for 12 Smithfield is a significant milestone for Railpen and for the continued evolution of the Smithfield area. As a long-term investor, our approach is to create assets that stand the test of time. The transformation of 12 Smithfield will deliver a high-quality HQ workspace for a broad range of potential occupiers, spanning a diverse range of industries including finance, tech, creative and more, with strong amenities and exemplary sustainability credentials, making it a standout addition to our growing London office portfolio.”

Matthew Howard, Head of Property at Railpen, added: “Railpen continues to invest in repositioning and developing high-quality office assets in high growth locations with low levels of best in class supply such as Central London, Birmingham and Cambridge. 12 Smithfield represents exactly the type of long-term, sustainable real estate investment that aligns with our strategy. With its design quality, strong environmental performance and prime micro-location opposite the future London Museum, the building will be a flagship addition to our office portfolio and an important contribution to the next chapter of Smithfield’s regeneration.”

Railpen have appointed JLL and Newmark to begin the marketing campaign to raise awareness of the asset amongst potential occupiers.

The consent follows Railpen’s continued investment in repositioning office assets across central London as occupier demand increasingly focuses on high-quality, sustainable workspace in well-connected locations. This includes The Fenner at 26 Red Lion Square in Holborn, as well as 125 Wood Street and 4 Coleman Street in the City.

Railpen’s office portfolio also includes other locations within the UK, such as Multistory, its 295,000 sq ft development in Birmingham, and 11 assets totalling more than 1.9m sq ft in Cambridge, including Botanic Place and Mill Yard, both currently under construction.