Railpen secures consent for refurbishment of 106, 584 sq ft (NIA) Holborn office
Railpen, manager of the £34bn railways pension scheme in the UK, has secured consent from Camden Council to refurbish 26 Red Lion Square, its 106,584 sq ft (NIA) speculative office development in Holborn. Railpen’s plans involve upgrading eight floors of office space to a Grade A standard, enhancing the amenity space on the ground floor, and constructing new roof terraces with panoramic views of St Paul’s and the West End.
The completed development will be repositioned as a new HQ targeting major occupiers and fostering a sense of community for future occupiers.
Designed by Stiff + Trevillion, Railpen’s proposals include new and improved external façades on Theobolds Road and Red Lion Square to promote high quality design in Holborn, and new retail and F&B units on Theobalds Road. Railpen is targeting BREEAM “Outstanding” for the project by demonstrating a reduction of on-site energy use and water consumption. This is in addition to the embodied carbon savings that will be achieved through the refurbishment of an existing building.
The consent is timely, given Holborn’s growing appeal as a location among occupiers and investors, driven in part by its equidistant position between Tottenham Court Road and Farringdon Elizabeth Line stations. Various developments are underway in the area, including the transformation of nearby Sicilian Avenue and the recent purchase by Whitbread of 35 Red Lion Square. Holborn has also experienced a surge in co-working providers opening in the area, with Runway East and Uncommon joining WeWork in creating flagship sites. Complementing the growing demand from occupiers and investors, Camden Council is proposing a series of major enhancements to Red Lion Square and the surrounding streets, improving the public realm and enhancing the square as a key green space in Holborn.
Emily Atkinson, Asset Manager at Railpen, said: “We welcome the Council’s decision, which facilitates our plans to deliver a high-quality sustainable refurbishment of a significant office building that will help address the growing demand from occupies for Grade A space in Holborn. This is an exciting time for the area, and 26 Red Lion Square will make an important contribution to its ongoing transformation as a prime choice for office occupiers.”
The refurbishment is the latest in a series of office initiatives by Railpen in central London. The company will shortly complete the refurbishment of 101 Bayham in Camden, and has several office projects proposed and underway in the City, including the redevelopment of 12 Smithfield, plans for which are due to be submitted later this year. These are in addition to its significant office-led mixed-use portfolio in Cambridge, where Railpen has a pipeline of over 1.5m sq ft of development on-site or in planning.
Railpen’s advisory team comprises Savills and Farebrother’s (leasing), Stiff + Trevillion (architect), and Ridgelift (development management).
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