Month: December 2021
20 December 2021
New world-class public art revealed at Fifty Paddington, London
Dutch artist Maarten Baas continues his Real Time collection with new installation
A new piece of public art will greet Londoners frequenting Paddington this week. The latest work in Maarten Baas’s Real Time collection has been unveiled, adorning Fifty Paddington, Invesco Real Estate and YardNine’s new office and retail development at 50 Eastbourne Terrace, next to Paddington Station and the new entrance to the Elizabeth Line.
Baas’s Real Time collection sees actors filmed for 12 hours while they indicate the time. The resulting video art serves an artistic and creative purpose, as well as the practical purpose of telling passers-by the time.
Located 7.7 metres above the public footpath, this new commission in London features a simple, contemporary clock design depicting the time in a video format. The film features the artist, Maarten Baas, who has been filmed in his studio drawing the clock’s hands every minute. His costume gives a nod to Paddington Station’s famous architect, Isambard Kingdom Brunel, where the artist has been filmed in HD in his studio drawing the clock’s hands every minute. He alternatively pauses and look out at the view before going back to work to ensure that a new hand is drawn every minute whilst pushing the hour hand along.
The new clock in London is the latest in a series that includes the Schiphol clock in Amsterdam Airport, in which a man can be seen painting the time minute by minute. The worker’s blue overalls are identical to the uniform of the Schipol maintenance team, while the yellow rag and red bucket pay homage to Dutch artist, Mondrian.
Mark Younger, Director of YardNine, which is developing Fifty Paddington, said: “We are excited to unveil this modern twist on the traditional public clock as it becomes a part of London’s long history of public clocks, including the city’s first at St Dunstan-in-the-west in 1671, Six Public Clocks at Canary Wharf and, of course, the iconic Big Ben. Fifty Paddington was conceived as an attractive, productive and efficient workplace for modern businesses, and Maarten’s impressive work will further distinguish its place in London’s urban landscape.”
Maarten Baas said:
“Real Time is a term used in the film industry. It means that the duration of a scene portrays exactly the same time it took to film it. I play with that concept in my Real Time clocks by showing videos where the hands of time are literally moved in real time. The pieces examine the interplay between time as something rigid and formal, and art as something creative and organic. The concept feels particularly relevant close to a major transport interchange such as Paddington Station, where there is a heightened importance attached to timekeeping.”
Invesco Real Estate, the global real estate investment manager, acquired 50 Eastbourne Terrace on behalf of one of its long-standing US separate account clients in July 2018. Fifty Paddington, designed by leading architects Sheppard Robson, will provide 75,000 sq ft of grade A office and 10,000 sq ft of retail space
Those working at the building will benefit from close proximity to national and local travel links, the leisure, retail and dining options of Paddington Basin and the West End, and the green space of Hyde Park.
Patrick Morey-Burrows, ArtSource was appointed to deliver the public art for 50ET. ArtSource is a progressive consultancy, which is extending the scope of contemporary art. Instead of an afterthought to the architecture and the public realm, art is thought out to create an integral artwork not incidental part of the narrative of our built environment.
20 December 2021
Invesco Real Estate and YardNine secure sale of 40 Eastbourne Terrace to USS in forward funding deal
Invesco Real Estate, the global real estate investment manager, alongside Development Manager YardNine, the property development and asset management company, have agreed contracts with USS to forward fund 40 Eastbourne Terrace at a price of £143m.
Invesco Real Estate and YardNine signed a pre-let with Whitbread plc in January 2021 for a new 369-bedroom hotel and restaurant as part of a major mixed-use development on a 35-year index linked lease at 40 Eastbourne Terrace next to Paddington Station.
The hotel will comprise a 275-bedroom Premier Inn, a 94-bedroom hub by Premier Inn and Whitbread’s premium Bar + Block Steakhouse restaurant – the first time all three brands will occupy the same building.
Invesco Real Estate acquired both 40 and 50 Eastbourne Terrace on behalf of one of its US separate account clients in July 2018. The redevelopment of the two sites, in conjunction with YardNine, will provide 75,000 sq ft of Grade A office accommodation, with 10,000 sq ft of retail space and seven mews houses – all due for completion by the end of 2021. Work on a 369-bed hotel is already underway and is due for completion in 2023.
Located directly opposite London Paddington station, adjacent to the entrance to the Elizabeth Line, tenants, residents and guests will benefit from close proximity to national and local travel links, the leisure, retail and dining options of Paddington Basin and the West End, and the green space of Hyde Park.
The scheme has been designed by leading architects Sheppard Robson.
RX London and Ashursts acted for Invesco Real Estate and JLL and DLA Piper acted for USS.
Mark Younger, Director of YardNine said:
“The progress we have made at 40 and 50 Eastbourne Terrace since acquisition – physically separating the buildings, securing vacant possession, achieving planning consent for both the hotel and an additional floor on 50 Eastbourne Terrace, pre-letting the hotel to an outstanding hotel operator and securing funding for 40 in just three and a half years – is a testament to the hard work of all involved, particularly during a global pandemic. We are now just weeks away from completing Fifty Paddington, our office development at 50 Eastbourne Terrace, and look forward to seeing our ambitious plans for 40 Eastbourne Terrace starting to take shape.”
Richard Chambers, Senior Director – Fund Management, Europe at Invesco Real Estate, said:
“We are delighted to be able to realise the efforts of the work and commitment by our teams over the past three-and-a-half years on this exciting project. The attributes speak for themselves: attractive long income prospects, a strong brand and operator together with outstanding underlying real estate fundamentals have combined to enable us to successfully deliver on the strategy for our client, in spite of the pandemic.
“Working with YardNine, we look forward to delivering what we believe will be a notable hotel scheme for Whitbread, a strong investment for USS and a great amenity for Paddington, sitting alongside our landmark office development, Fifty Paddington at Eastbourne Terrace.”