2 February 2021

Invesco and YardNine welcome Whitbread to 40 Eastbourne Terrace

Invesco Real Estate, the global real estate investment manager, and YardNine, the property development and asset management company, have signed an agreement for lease with Whitbread for a new 366-bedroom hotel and restaurant as part of a major mixed-use development at 40 Eastbourne Terrace next to Paddington Station.

The hotel will comprise a 275-bedroom Premier Inn, a 91-bedroom hub by Premier Inn and Whitbread’s premium Bar + Block Steakhouse restaurant – the first time all three brands will occupy the same building.

Construction is due to commence in Q2 2021 and the hotel is anticipated to open in late 2023.

Whitbread is investing heavily in Paddington in response to strong demand for its hotel bedrooms from business and leisure guests.  As well as the 40 Eastbourne Terrace development, Whitbread has a 373-bedroom Premier Inn hotel under construction in Paddington Basin and a 294-bedroom hub by Premier Inn hotel coming to Marylebone Road.

Invesco Real Estate acquired 40 and 50 Eastbourne Terrace on behalf of one of its long-standing US separate account clients in July 2018, and the redevelopment of the two sites will provide 75,000 sq ft of Grade A office accommodation, with 10,000 sq ft of retail space and 7 mews houses; and the 366-bed hotel.

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.

Mark Younger, Director of YardNine said:

 “Despite the disruption to daily life over the last year, we are beginning to see the green shoots of normality returning, in a post-Covid environment where increased flexible working might lead more individuals to live further out from city centres, well-located hospitality assets play a key role in ensuring we can still collaborate and benefit from face-to-face meetings. Located adjacent to Paddington station, who better to partner with than Whitbread to deliver high-quality accommodation to this increasingly popular area of London.”

 Richard Chambers, Senior Director – Investment Management, Europe at Invesco Real Estate, said:

“Eastbourne Terrace is a truly unique development in the heart of Paddington. The asset’s strong real estate fundamentals mean we are confident in the ability to attract the best tenants and operators, brands and covenants, as development progresses. This is demonstrated today with Whitbread, who are a well-known, leading operator. As a long-time investor in hotels, Invesco Real Estate believes strongly in this sector especially given its attractive long income attributes coupled with the combination of a strong brand and operator covenant. We are delighted to be working alongside YardNine and Whitbread as we continue to realise the full potential of Eastbourne Terrace.”

Jonathan Langdon, Acquisitions Manager for Central London at Whitbread, said:

 “Our business strategy is to invest in locations where we expect to see strong, long-term demand for our Premier Inn and hub by Premier Inn bedrooms. Paddington is one such market where we see this opportunity for strategic growth.  The 40 Eastbourne Terrace development brings our three leading brands together in one building and grows our presence in the Paddington catchment to over 1,000 bedrooms.  It is a fantastic addition to our network of hotels in central London and demonstrates our confidence in the future success of the capital.”

12 January 2021

YardNine supports hunger charities, Magic Breakfast and Fareshare

YardNine has chosen to support two charities doing some fantastic work.  The pandemic has hit some harder than others and with charities missing out on so much of their usual support, they need help more now than ever.

The charities we have supported are Magic Breakfast and Fareshare.

Hear how both charities are tackling hunger in different ways below.

Magic Breakfast

The issue of child hunger and its impact on educational attainment and wellbeing is more pressing than ever before. Prior to the Covid-19 crisis, 4.1 million children were living in poverty, with as many as 1.8 million school children at risk of starting their day hungry. As we enter the largest UK recession on record, we are deeply concerned by the growing numbers of children starting their day having had nothing to eat.

Morning hunger presents a significant barrier to learning. 80% of teachers report that a hungry child is more likely to be restless, unhappy, lethargic, distracted or disruptive in lessons. By the time children leave secondary school, economically disadvantaged students are 19.3 months behind the average in terms of educational attainment.

“We did have a couple of children who really did cry with the hunger. They didn’t know what was wrong with them. They would say that their tummy was sore. But when you asked them ‘When did you last eat?’ or asked if they’d had anything that morning, you found they hadn’t.”

–   Patricia McGowan, Head of Abercorn Secondary, Glasgow

Magic Breakfast is a pioneer and leading light when it comes to tackling the urgent issue of child morning hunger in the UK. Through our network of 480 Primary, Secondary, ASL/Special Educational Needs schools and Pupil Referral Units, we are currently providing healthy, nutritious breakfasts to over 48,000 vulnerable children each morning. This provision is targeted to reach children most at risk of hunger. For a school to be eligible for our support, at least 35% of pupils should be recognised as eligible for Pupil Premium, with many of our partner schools exceeding 50%.

For over 20 years we have developed a best-practice model that combines food aid with expert support. We know that the hungriest children are often the hardest to reach, which is why we work with each school to identify hunger, remove stigma, and to educate children, parents and carers, and school leaders on the importance of a nutritious breakfast – improving educational outcomes for the most disadvantaged children as well as the whole school community.

During Covid-19 school closures and the summer holidays, pupils at Magic Breakfast schools were able to continue accessing Magic Breakfasts thanks to the charity’s take-home breakfast packs consisting of 10 days’ supply of beans, bagels, cereal, porridge and milk vouchers. Now that schools have reopened, their Magic Breakfast provision has renewed importance.

Independent research, funded by the Education Endowment Foundation and carried out by the Institute for Fiscal Studies, found that Year 2 pupils in schools providing a free, nutritious ‘magic’ breakfast boosted their reading, writing and maths by an average of two months’ progress per year, compared to pupils in schools with no such breakfast provision.

Find out more here Magic Breakfast  

Fareshare

FareShare is a UK-wide charity fighting hunger and food waste. We redistribute good food that would otherwise go to waste to frontline charities and community groups that support vulnerable people.

For more than 25 years FareShare has been working with the food industry to identify quality, in date surplus food that can be redistributed to charities.

FareShare reaches over 1,900 towns and cities, providing enough food to create almost 46.5 million meals a year and

supporting almost a million people every week.

The 10,942 charities and community groups that receive food through FareShare provide a lifeline to vulnerable people, including homeless hostels, children’s breakfast clubs and lunch clubs for older people. By receiving food through FareShare, these organisations are better able to provide nutritious meals alongside life-changing support.

Food poverty in the UK

  • 4 million people in the UK, the equivalent of the entire population of London, don’t get enough food to eat1
  • People in food poverty are those who don’t have continuous access to affordable, nutritious food. It includes those on low or no income, but also encompasses people affected by physical or mental illness, addiction, relationship breakdowns and so on.

Food waste in the UK

  • 9 million tonnes of food is wasted every year in the supply chain in the UK2
  • Wrap estimates at least 250,000 tonnes of surplus food from the food and drink industry could be redistributed to feed people each year. This is enough for at least 650 million meals for people in
  • FareShare currently handles approximately 7% of the surplus food available in the
  • Last year FareShare redistributed enough food 5 million meals. The majority of this food is fresh, such as fruit, vegetables, meat and dairy products.
  • ‘Surplus’ applies to any food that does not have a commercial outlet but is within date and can still be consumed. It has become surplus for various reasons including overproduction, errors in forecasting, incorrect labelling and damaged

 

Find out more here FareShare

19 December 2020

Arcadis discus why investing in their new office at EightyFen was Crucial. React News reports.

Outside Voice: Our productivity at Arcadis may have increased but at what cost?

8 Dec 2020 | by Martin Silvester
Investing in new office space was crucial

After the housing market re-opened in May, it was reported that the pent-up demand following seven weeks of total lockdown, alongside the chancellor’s cut in stamp duty, led to a ‘mini-boom’ in listings, instructions and mortgage applications. I can easily believe it – there is nothing like several months of both 9-to-5 and after hours inside the same four walls to make you very aware of the limitations of the space around you. The same is true of the way we work.
Working from home has heralded some hugely positive changes and progression in how we think about flexible working. However, while there has been talk of the working from home genie being let out of the bottle, you don’t have to hear the phrase “you’re on mute” a huge number of times to know that remote working also has its limitations.

Instead, like the thousands who chose to put their home on the market, this moment of pause has allowed us and many other occupiers to stop, take stock and think about whether our space is really fit for purpose and reflective of our business and culture, leading us to accelerate our existing plans to rethink our offices and how our colleagues work.
The most important thing to us as a business is our people. We are really proud of our inclusive and trust-based culture, and, even during the most challenging times, our people have consistently shown that they are productive and creative wherever they work. However, while we have had a productive few months, it is hard to think that this is sustainable in the long term and we need to ask at what cost this productivity comes? If it is the happiness of our people, the creation of new ideas and the authenticity of our culture, then the cost is simply too high.

Andy Haldane, chief economist at the Bank of England, has speculated on the long-term negative impact on productivity and creativity, saying that fewer chance conversations, face-to-face meetings and introductions posed risks that “may not yet be fully visible”. This is true and company culture isn’t a self-renewing resource – it needs to be topped up regularly and maintained. From the opportunities to hold big creative sessions without the risk that brilliant ideas aren’t lost to dodgy Wi-Fi, to the ability to say “hey, things felt a bit funny in there – is everything okay?” after a tense meeting, we need those moments of collaboration and the opportunities to listen.

This is why we’re investing in our physical environment and signed a new deal for 40,000 sq ft of new office space in the City of London at YardNine’s EightyFen in July. Our new approach to office space will embrace our culture of trust and give people the choice to work from home or come into a high-quality, collaboration-focused, inclusive workplace that also acts as a client hub.

Listening to our people, we are doing more with less – reducing the size of our existing premises in London, despite ongoing growth in our business, because we believe the role of the office is no longer going to be about sitting in rows or clusters with your colleagues from Monday to Friday. Instead, our office will be about showcasing our brand and bringing together our people to innovate and socialise – making use of Convene’s facilities and communal spaces in EightyFen to nurture our people and culture. Importantly, this approach will also reduce our footprint as part of our overall sustainability goals, with EightyFen’s impressive green credentials meaning it has a BREEAM excellent rating.
The role of the office may have changed, but that doesn’t mean it is over – it is time for us all to adapt.

29 October 2020

YardNine talks to EG – EightyFen developers: We’re believers in London

Maxwell Shand believes that offices can offer companies benefits that lockdown-driven working from home never will. Given that he is now trying to fill one of the first new office developments to complete in the City of London since the coronavirus pandemic started, he will hope that potential tenants agree.

Read the full article here.

13 March 2020

YardNine appoints McLaren to deliver 50 Eastbourne Terrace

YardNine, the property development and asset management company, and its funding partner Invesco Real Estate, have awarded a £50 million construction contract to McLaren Construction to deliver 50 Eastbourne Terrace. Upon completion in late 2021, 50 Eastbourne Terrace will provide 75,000 sq ft of Grade A office accommodation, 10,000 sq ft of retail space and a terrace of seven mews houses.

Led by operations director Neil Smith, McLaren has appointed its key sub-contractors on steelwork, cladding and mechanical and electrical services. This will follow the work done by J F Hunt, which was appointed in 2019 to undertake the demolition of the existing building on the site.

Located directly opposite London Paddington station, tenants will benefit from multiple roof terraces, as well as 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.

Campbell MacDougall, Partner at YardNine said: “McLaren has demonstrated a proactive attitude in quickly closing out the building contract, managing and liaising with J F Hunt who are currently on-site and progressing matters with the design team and principal sub-contractors. We look forward to working with Neil and his team.”

13 February 2020

YardNine pre-lets 70,000 sq ft at EightyFen to workspace, meeting and events provider Convene

EightyFen will feature full suite of Convene offerings, including meeting and event space, flexible workspace, and food and beverage-serviced amenity areas

YardNine, the property development and asset management company, today announced it has pre-let 70,000 sq ft at its EightyFen, named after its location at 80 Fenchurch Street in the City of London, development to premium meeting, event, and flexible workplace provider, Convene. This letting will see Convene and YardNine work in partnership to create an enhanced service offering for other occupiers in the building and is the first pre-let of the office development following its topping out in September.

Convene at EightyFen will offer a variety of services and amenities for the building’s occupiers and the wider London business community: Convene WorkPlace — a premium, fully furnished setting and plug-and-play flexible worksuites for small to mid-sized companies — will span nearly 40,000 square feet across floors two and three. Convene WorkPlace membership includes access to spacious private and communal areas, catering by award-winning chefs, hospitality services, reliable and secure technology, and high-quality design in a distraction-free environment.

In addition to Convene’s WorkPlace product, EightyFen will include 30,000 sq ft of Convene-operated meeting and events space across the lower ground floor and first floor, as well as a 2,000 sq ft ground floor café and lounge and an exclusive Convene reception area including Convene’s signature feature staircase that connects the ground floor to the first floor. Convene will operate the building’s commercial kitchen, providing gourmet catering offerings for the entire building.

Upon completion in June 2020, EightyFen will offer more than 240,000 sq ft of Grade A office accommodation across 14 storeys, with extensive roof terraces and sustainability and technology embedded throughout. The building is targeting the highest environmental standards to achieve both BREEAM excellent and WiredScore platinum ratings.

Maxwell Shand, YardNine said: “Convene is a forward-thinking workspace provider whose ethos to create high-quality, customer-first workspaces and experiences in iconic buildings mirrors our ambition for EightyFen. From the outset, EightyFen was conceived as a workplace of the future and during our comprehensive re-design of the building two years ago we challenged our team to create a unique workplace environment that would attract leading occupiers. Securing Convene as our first pre-let is a strong endorsement of this strategy and we look forward to working with the team to create a building that puts service at the forefront of the user experience.”

Ryan Simonetti, Convene CEO and Co-Founder said: “Our EightyFen location will be our first fully ‘Convene-enabled’ location in London that showcases our full suite of meetings, events, flexible workspace, and amenity offerings. In partnership with YardNine, our goal is to bring value to the entire building and the surrounding business community. By creating spaces that are inspiring, technology-driven, and hospitality-infused, we are supporting companies’ goals of attracting and retaining the best talent while enabling engaging experiences throughout the building.”

Click below for the coverage on this story.

 

 

 

30 September 2019

Invesco and YardNine secure consent for 366-bed hotel at 40 Eastbourne Terrace

Invesco Real Estate, the global real estate investment manager, and YardNine, the property development and asset management company, have received a resolution to grant planning permission for plans to redevelop 40 Eastbourne Terrace, a five-storey office, as a 366-bed hotel as part of a major mixed-use development next to Paddington Station.

Invesco Real Estate acquired 40 and 50 Eastbourne Terrace on behalf of a US separate account client in July 2018, working with YardNine, to identify a range of initiatives to redevelop the properties and deliver Grade A office stock to an under-supplied market, alongside new hotel, retail and residential accommodation. Since then, significant progress has been made on site to reposition the assets, commencing with the successful physical separation of the two buildings.

At 50 Eastbourne Terrace, the team has advanced plans for the delivery of more than 85000 sq ft of mixed-use space following receipt of planning consent for an additional storey of office accommodation. Demolition works are nearing completion and with the appointment of a main contractor anticipated before Christmas, the speculative scheme is due to complete in Q4 2021. 50 Eastbourne Terrace will provide a range of floorplates from 5,000 to 14,500 sq ft, over 3,500 sq ft in total of outside terraces, as well as retail space and a terrace of seven mews houses.

Following the resolution to grant planning consent for 40 Eastbourne Terrace, construction work will begin following vacant possession of the asset in 2021.

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 was designed by leading architects Sheppard Robson.

Mark Younger, Director of YardNine said: “This latest planning consent follows an extremely active 14 months since acquisition.  We firmly believe in the enduring appeal of London as a city to live, work and play and in the wider regeneration story of Paddington.

 Richard Chambers, Senior Director – Asset Management, Europe at Invesco Real Estate, said: “40 and 50 Eastbourne Terrace presented a compelling and well-located investment opportunity, so it is great to see the progress that has been made in a relatively short period of time. We are excited about being part of the story of further enhancing the strong growth of the Paddington market with a complementary mix of high quality buildings and uses. We are looking forward to continuing our work with YardNine as we realise the potential of the two properties in the coming years.”

12 September 2019

YardNine tops out EightyFen ahead of 2020 launch

YardNine, the property development and asset management company, and construction partner Skanska have celebrated the topping out of 240,000 sq ft office development EightyFen.

On Thursday 10 September, YardNine welcomed guests to commemorate the important milestone of the forthcoming development with a traditional Scandinavian ‘flying of the fir’, in which a fir tree was flown over the building by tower crane for good luck. The project is due to complete and welcome its first occupiers in June 2020.

The building is targeting the highest environmental standards to achieve both BREEAM excellent and Wired Score platinum ratings.

Maxwell Shand, Director of YardNine, said: “We had a beautiful day for this important milestone, bringing home the stunning views across London this building will offer on completion next year. From the light-filled floors to a multi-functional ground-floor experience with integrated cafés, restaurant and health facilities, EightyFen will set a new benchmark for office accommodation in the City of London.”

11 October 2018

YardNine adds to its Board

YardNine, the property development and asset management company, has bolstered its board through the addition of Mark Younger.

The appointment reunites a team that has a proven track record of successfully delivering over 4m sq ft of best-in-class developments over the last 12 years.  All three were previously directors at property company Exemplar before Maxwell Shand and Campbell MacDougall founded YardNine in December 2017.

In his most recent role, Mark led a number of major projects across London. These included mixed-use developments such as Fitzroy Place, W1, and 5&6 St James’s Square, SW1; new-build office schemes such as Drapers Gardens, EC2, and The Avenue, W1; and extensive refurbishments such as Milton Gate, EC1.

Prior to Exemplar, Mark was a director at British Land, where he was involved with mixed-use, office and distribution projects. He began his career at MEPC, where by the end of his tenure, he was specialising in the development and asset management of out-of-town office space..

Mark said:

“After a short break from the industry, I am excited to be working again alongside Maxwell and Campbell whose expertise I respect hugely.  The success of the projects we have previously completed together speaks for itself and our combined track record puts YardNine in an enviable position in the sector”.

Maxwell Shand, Co-Founder of YardNine said:

“With two deals completed since setting up less than a year ago and more opportunities in the pipeline, Campbell and I are thrilled that Mark is joining us, bringing his experience and relationships as we continue to seek out exciting opportunities across a broad range of sectors in London. Mark’s arrival further strengthens our ability to offer senior-level attention on our projects, establishing us a development partner of choice for the industry.”

17 July 2018

YardNine and Invesco acquire 40 and 50 Eastbourne Terrace, Paddington

YardNine, the real estate development company, and its funding partner, Invesco, have purchased 40 and 50 Eastbourne Terrace in London’s Paddington from Hermes Real Estate Investment Management for £110 million.

40 Eastbourne Terrace is an 84,450 sq ft office building occupied by construction company CB&I until 2021, while 50 Eastbourne Terrace has planning consent for a new 94,185 sq ft office and retail scheme with a terrace of seven mews houses.

The two buildings sit directly opposite London Paddington station, which will welcome the Elizabeth Line from the end of the year.

Maxwell Shand, Founding Director of YardNine, said:

“This significant West End deal complements our ongoing development of 80 Fenchurch Street with Partners Group which started on site earlier this year. 40 and 50 Eastbourne Terrace offers an exceptional opportunity to create value through a combination of asset management and development in an appealing submarket that is undergoing significant regeneration.”

Rob Johnston, Senior Director – UK and Nordic Transactions at Invesco, said:

“With a part income producing asset and a consented speculative office and residential scheme ready for development in a location set for increased connectivity thanks to Crossrail, this is a compelling investment proposition. We are pleased to be working with the experienced team at YardNine on this exciting deal.”

Chris Taylor, Head of Private Markets at Hermes Investment Management, said:

“This disposal of 40 and 50 Eastbourne Terrace concludes our proactive management of the asset. Capital from the sale will be redeployed into places which are accessible, sustainable and capable of attracting and retaining talent.”

The London office acquisition was made on behalf of one of Invesco Real Estate’s separate account clients.

Farmer Capital represented Hermes Real Estate Investment Managers; Michael Elliott and Colliers advised YardNine and Invesco.

16 April 2018

£100m development loan secured for 80 Fenchurch Street

TH Real Estate and Allianz have partnered to provide €115.5m (£100m) in debt finance towards the development of 80 Fenchurch Street, a prime office property in London EC3, owned by funds managed and/or advised by Partners Group and currently being developed by YardNine, the property development and asset management company.

The innovative and flexible financing is a six-year bullet loan, divided into a three-year development and three-year term loan. The debt has been structured as a £135m development loan with a £20m increase on completion. The financing, arranged by TH Real Estate, has been underwritten by Allianz and TH Real Estate for €57.5m (£50m), 32% each.

80 Fenchurch Street will be a 14-storey landmark building for the City of London comprising 250,272 sq ft net internal area split into 238,593 sq ft of Grade-A office accommodation and 11,679 sq ft of retail space designed by multi-award winning architects, TP Bennett. The project offers innovative design through the inclusion of six landscaped roof terraces and floorplates ranging from 5,000 sq ft to 20,000 sq ft.

80 Fenchurch Street will be constructed to deliver BREEAM Excellent and Wired Score Platinum ratings and will benefit from the by-then newly operational Elizabeth Line (Crossrail) and Liverpool Street station.

Maxwell Shand, Founding Director of YardNine, said:

“The enthusiasm with which international institutions have backed 80 Fenchurch Street demonstrates not only the quality of this office development, but also their confidence in the development team.”

Christian Janssen, Head of European Debt, TH Real Estate, said:

“We are delighted to support Partners Group and YardNine in the successful development 80 Fenchurch Street. Through our own extensive in-house commercial real estate investment, development and financing expertise, we have structured an innovative facility that provides the operational flexibility and financial certainty required by Partners Group.”

 Roland Fuchs, Head of European Debt at Allianz Real Estate, said:

“80 Fenchurch Street represents a landmark deal for the group as we diversify our debt programme into new products while maintaining a commitment to prime asset quality and location. The development exemplifies this approach, seeing us work alongside world-class partners to finance the construction of a truly first-rate asset in the heart of the City of London. This also marks our third investment in London within the last 18 months as the city becomes an increasingly important part of our global portfolio.”

20 January 2018

YardNine launches with maiden development 80 Fenchurch Street

Maxwell Shand and Campbell MacDougall, former directors at Exemplar, have launched YardNine, a property development and asset management company.

YardNine’s maiden project will be the 240,000 sq ft office development at 80 Fenchurch Street, EC3.

YardNine is bringing forward the speculative development on behalf of Partners Group, with construction set to begin in February.

Maxwell Shand and Campbell MacDougall have a track record of working together successfully over more than 12 years, with projects including The Rex Building, EC4; One New Burlington Place, W1; and the London Fruit & Wool Exchange, E1.

Campbell was Exemplar’s construction director, while Maxwell was a director responsible for sourcing, financing and delivering commercial and mixed-use development projects.

Maxwell Shand, Founding Director of YardNine, said:

“When Dan Van Gelder and Clive Bush made the decision to have a break, Campbell and I saw it as a great opportunity to set up a company to continue the great work that Exemplar had been doing. With our complementary skill sets, between the two of us we can cover the development process from end to end.

“There’s a very limited pipeline of grade-A office development due to be delivered in the City from late 2019 to the end of 2020, and 80 Fenchurch Street is excellently placed to meet this demand.”