11 January 2023

Materials passports are critical step towards circular economy

A system to record product data for later reuse is being trialled on a live building project in move to create a sustainability database.

An office construction job in London has become a crucial testbed for capturing data on building materials for circular reuse, which could result in a UK-wide database and marketplace for reused products.

The 94,000ft2 Edenica development in the City of London, designed by Fletcher Priest Architects, is pioneering the development of materials passports – digital datasets that describe characteristics of materials, products and components, giving them value during maintenance, recovery and future reuse.

The initiative forms part of the EU project CIRCuIT and involves multidisciplinary consultancy Waterman Group, project manager Third London Wall, and partners including BRE and City of London.

Waterman developed a procurement pathway on Edenica to ensure that key characteristics of building materials are captured and held in a centralised database. This will be used to provide reports on maintenance and potential future reuse during the life of the building and at end of life.

The consultancy is developing a protocol to standardise the process for producing and reporting materials passports, which would be adopted as best practice for responsible development. It also plans to work with policy makers to produce a standardised template for materials passports to apply to all new products.

The project is a critical step in the creation of a functioning circular economy, explains Anastasia Stella at Waterman Building Services who led its development on Edenica: ‘Until now, there have been no tools to allow the creation of materials passports and no standardised framework is applied in the UK,’ she said. ‘We had to start from scratch, defining what they should include, what form they should take, how to organise the information in the database on different levels, and finally, how to use them and update them throughout the building lifecycle.’

Information included in materials passports for Edenica will derive from construction contractors, co-ordinated by main contractor Mace, and based on BIM models, contractors’ records, product specifications and certificates etc.

‘Mace has bought into the concept and will work with us to ensure that as we buy materials and components they are all logged,’ said Mark Terndrup, managing director of building services at Waterman Group. ‘It’s about discipline and starting from procurement, making sure you are clear on all the data you need at the outset of the contract. We’ve been diligent in writing specifications for all this in the tender process so that Mace fully understands the information they have to supply.’

The live project will support the development of an online platform, called Circuland, where materials passports are created, viewed and updated, at both individual building development and city levels.

The structure of the database will follow the RICS NRM classification system level 2 sub-elements, which allows information from materials passports to be interlinked with post-completion circular economy statements and post-construction whole life carbon assessments.

The platform will also feature an online materials stock database/marketplace for the UK, where materials passports for reusable materials are added by demolition contractors when buildings are slated for refurbishment or demolition. These can then be sourced by construction teams planning new projects. ‘The vision is a bit like an Amazon solution with depots for materials for reuse around the UK,’ says Terndrup.

The Edenica development and its associated materials passport database is scheduled for completion in summer 2024.

Words: Stephen Cousins, The RIBA Journal.

12 December 2022

Invesco Real Estate and YardNine agree new long-term lease with ISN Software UK Limited at fifty Paddington

Invesco Real Estate, the global real estate investment manager, alongside development manager YardNine, the property development and asset management company, have agreed a new long-term lease for the sixth floor of fifty Paddington with global software business, ISN Software UK Limited (ISN).

Taking the entirety of the sixth floor of fifty Paddington, comprising 5,649 sq ft of Grade A office space, ISN will join Cerner (now owned by Oracle) and St James’s Place Wealth Management at the 75,000 sq. ft. office and retail development, which is located less than 100 yards from the entrance to the recently opened Elizabeth line in Paddington Station. The recent successes at the building leaves 40,000 sq ft of Grade A accommodation over three floors to be let.

The ground and lower ground retail units have been let to casual dining restaurant, Vapiano, opening before Christmas, and personal trainer-led gym experience, Ultimate Performance, opening early in 2023. An artisan coffee operator will also start trading in January 2023.

Mark Younger, Director of YardNine said:
“This is the latest letting in a series that demonstrates not only the quality of space on offer at fifty Paddington, but also its exceptional location and connectivity. More than ever, the success of an office is judged by the quality of the user experience, and, with over 30,000 sq ft of office space now let and the leisure and dining components of the building due to open shortly, fifty Paddington continues to set a new standard within its submarket.”

Ciaran Butler, Director of Investment Management Invesco Real Estate said:
“Invesco’s investment ethos is focused on ensuring that today’s buildings are fit-for-purpose for the varying needs of our occupiers, which is key for driving engagement and performance. fifty Paddington is no exception and this letting to ISN is further evidence that exceptional workspace in well-connected locations continues to attract long-term commitments from forward thinking occupiers.”

David Bibby, Senior Director at ISN said:
“ISN’s new office space at fifty Paddington will help keep us at the vanguard of our industry by providing our colleagues with a great office experience that will attract and retain the very best talent in our sector. We are delighted to be moving to a sustainable office space that is so well connected to our expanding customer base in the UK and Europe.”

Colliers, CBRE & Ashurst’s acted for Invesco and YardNine; Cushman & Wakefield & Edwin Coe acted for ISN.

3 November 2022

Invesco Real Estate and YardNine welcome St. James’s Place to Fifty Paddington

Invesco Real Estate, the global real estate investment manager, alongside development manager YardNine, the property development and asset management company, have agreed a new 15-year lease for just under 10,000 sq ft of Grade A office space with St. James’s Place Wealth Management Group Ltd, the FTSE 100 wealth management business.

Taking the entirety of the fifth floor of Fifty Paddington, which includes 2,500 sq ft of roof terrace space and 9,896 sq ft of high-quality office accommodation, St. James’s Place will benefit from extremely easy access to Paddington Station, providing strong connectivity via national rail services as well as the London Underground, including the recently opened Elizabeth line.

Fifty Paddington, the new 75,000 sq ft office and retail development at 50 Eastbourne Terrace, is now 40% let. YardNine and Invesco Real Estate previously agreed a lease with Cerner (now owned by Oracle), the US supplier of health information technology services, devices, and hardware, for the 14,137 sq ft first floor of the building, while the ground and lower ground retail units have been let to casual dining restaurant, Vapiano, and personal trainer-led gym experience, Ultimate Performance, respectively. The café unit fronting Eastbourne Terrace has also been placed under offer to an artisan coffee shop operator and is due to open before Christmas 2022.

Mark Younger, Director of YardNine said:

“We designed Fifty Paddington with the ambition of setting a new standard of best-in-class office space in an increasingly popular destination. This newest letting is a strong endorsement of this strategy, the quality of space on offer, which has leading certifications and technology from WELL, BREEAM and Smart Spaces, and the compelling location of the asset within the Paddington submarket.”

Ciaran Butler, Director of Investment Management Invesco Real Estate said:

“This new lease to an occupier of St. James’s Place’s calibre is another important step in the realisation of Fifty Paddington as the outstanding office scheme in Paddington. The recent opening of the Elizabeth line has further enhanced the appeal of this particular submarket and we are seeing strong interest in the remaining available space from a diverse range of occupiers.”

Peter Alford, Director, Corporate Real Estate, St. James’s Place Wealth Management plc said:

“We look forward to welcoming colleagues to this new space at Fifty Paddington, who will benefit from great transport links across London and to our existing network of offices in the UK and overseas, particularly our head office in Cirencester. It is an exciting opportunity for the business to create a space that complements our refreshed brand and supports our long-term goals.”

Colliers, CBRE and Ashurst acted for Invesco and YardNine; Knight Frank and Burgess Salmon acted for St James’s Place.

11 October 2022

Edenica office development at 100 Fetter Lane is featured in the NLA

PIONEERING USE OF MATERIALS PASSPORTS AT LONDON’S EDENICA, by Anastasia Stella, Waterman Group.

KICK-STARTING THE CIRCULAR ECONOMY
Designed by Fletcher Priest Architects and now under construction in the City of London, the 94,000 sq ft Edenica office development at 100 Fetter Lane is on track to set a significant sustainability precedent for UK commercial buildings.

This scheme for BauMont Real Estate Capital and YardNine is harnessing the latest design techniques to optimise operational energy efficiency and slash embodied carbon, whilst also offering class-leading user experience. As part of the development’s unique approach to cutting whole-life carbon and creating a robust platform for material circularity, Waterman’s Sustainability team is pioneering the use of Materials Passports on the project.

Materials Passports are digital data sets which describe characteristics of materials and components in products and systems, giving them value for present use, recovery and future reuse. Edenica will act as a pilot project for their implementation and is the first scheme within the City of London to be designed as a storage bank where materials are held for future reuse.

BauMont Real Estate Capital’s Managing Director, Natalie Harrison, commented: “Our philosophy when it comes to development and refurbishment projects it to take a ‘use less, waste less’ approach. We engage sustainability specialists at the outset of our projects to ensure our desire to deliver buildings with best-in-class ESG credentials is taken into account in the early stages of design. This leads to better collaboration and promotes innovation, a good example of this being Waterman’s Material Passports initiative being delivered at Edenica, which looks beyond policy, setting a new precedent for London.”

Working alongside project manager, Third London Wall, Waterman’s Sustainability team has set out the pathway for procurement to ensure the Materials Passports contain key characteristics of selected building materials held in a centralised database. This can be used to provide reports on maintenance and potential future reuse over the life of the building and beyond, maximising both material life and whole life value.

Discussing the impact of Materials Passports, YardNine’s Co-founder, Maxwell Shand, said: “Underpinned by low operational energy and an innovative approach to cutting embodied carbon, Edenica will demonstrate what can be achieved when sustainability is central to a scheme’s design ethos. I believe Waterman’s Materials Passports initiative will quickly become widely adopted as ‘best-practice’ for responsible development.”

Just as a regular passport provides personal details of an individual’s identity, Edenica’s Materials Passports will become a snapshot of the building elements’ credentials, providing records of the materials, products, and components that have been used. These records will enable the reuse of materials during the building’s operation or at the end of its life, turning the used materials into valuable resources instead of waste. Materials Passports are a relatively new initiative and are a critical step in bringing a functioning circular economy to the built environment. As a new concept in the UK construction industry, there is no current standardised framework to define the process that should be followed for their production, content or form.

The scheme’s Materials Passports will facilitate the reuse of materials in the coming years by future owners, design teams, manufacturers and contractors. For this to be most effective, the system will be calibrated to enable the constant update and maintenance of information associated with these materials throughout their life cycles.

Waterman’s Sustainability Associate, Anastasia Stella, led the development of Materials Passports at Edenica. She commented: “It is hugely important that, as construction professionals, we continually try to advance and innovate to help tackle the climate emergency. Our Materials Passport initiative shows how even the simplest of concepts can create the potential for a significant reduction in whole-life carbon and optimise re-purposing of materials in the future.”

Waterman’s specialists pioneered the methodology behind Materials Passports, using data initially based on input from cost consultants, Arcadis. The information that is included in the Materials Passports derives from the Construction Contractors. The information is based on 3D model, Contractors’ records, products’ specifications, certificates etc.

Waterman’s team is providing technical advice to support the development of an innovative online platform called Circuland which allows the creation, viewing and maintenance of digital Materials Passports across building, development and city levels. The platform will be used for the digital storage and viewing of the development’s Materials Passports, and the database’s structure will follow the RICS NRM classification system level 2 sub-elements (RICS, 2021). This will allow information from the Materials Passports to be interlinked with Post-Completion Circular Economy Statements and Post-Construction Whole Life Carbon Assessments.

Waterman is currently creating a protocol to standardise the process for producing and reporting Materials Passports across the UK, and their experts are collaborating with CIRCuIT, BRE and City of London on this exciting initiative. By working with policy makers directly, they aim to introduce a standardised template for Materials Passports for all new products which can be provided by manufacturers and suppliers. This will aid the tracking of material usage intensity and enable the industry’s progression towards a fully functional circular economy.

Read the article HERE

10 October 2022

YardNine adds to development team with appointment of George Grace

YardNine has further grown its London-based team with the appointment of George Grace as Development Manager. George brings nearly ten years of experience in the sector, most recently at Native Land where he led on site assembly, planning, design, delivery, letting and leasing across a range of residential and commercial developments.

George joins YardNine following a period of sustained growth for the development and asset management company. Since inception in late 2017, the team has overseen the practical completion of EightyFen and Fifty Paddington, bringing more than 300,000 sq ft of Grade A office accommodation to the City and Paddington submarkets, as well as seven mews houses, with a 369-bed hotel due for delivery on site in 2024, at 40 Eastbourne Terrace.

YardNine’s current development pipeline is valued at more than £2 billion and includes Edenica, a new 12-storey office development at 100 Fetter Lane, and 50 Fenchurch Street, a 650,000 sqft landmark office development in the City of London.

George’s appointment grows the YardNine development team to a total of five, including Directors Maxwell Shand, Campbell MacDougall and Mark Younger, and Development Manager, Sam Palk.

Maxwell Shand, Director of YardNine said: “George joins YardNine at a pivotal moment in our growth. In the last five years, we have built relationships with leading investment partners – including AXA-IM RA, BauMont Real Estate Capital, Invesco and Partners Group – to deliver both a portfolio of assets that we are extremely proud of, as well as a development pipeline that has some of the most exciting projects in London. We look forward to continuing this journey with George in the team.”

George Grace said: “This was a compelling opportunity to join a growing company that combines senior experience with a nimble and collaborative approach. Their pipeline and partners speak for themselves and I very much look forward to working with the team to help bring forward more exciting projects in both established and emerging locations.”

27 June 2022

100 Fetter Lane Scheme features in REACT News

Cain writes £86m development loan for Fetter Lane scheme | by James Buckley

Loan will help fund BauMont and YardNine’s Edenica

What Cain has provided an £86m loan secured against 100 Fetter Lane
Why The loan fully funds the 95,000 sq ft office project
What next The scheme is due for completion in Summer 2024

Cain International has written an £86m development loan to BauMont Real Estate Capital and YardNine for the development of 100 Fetter Lane, React News can reveal.

The 95,000 sq ft London office project, known as Edenica – a reference to the outdoor spaces which form part of the scheme – was bought by BauMont in January 2021 with development partner, YardNine.

The building received planning consent in September 2021 for the delivery of a new 12-storey development, with over 8,000 sq ft of roof gardens, and a new pedestrian route and garden square at ground level.

The project is targeting the highest environmental standards of BREEAM Outstanding, WiredScore, SmartScore and WELL certifications.

Construction work has commenced on site and the scheme is due for completion in Summer 2024.

Tanja Yerolemou-Ennsgraber, senior vice president – real estate finance at Cain International, said: “The project embraces the needs and desires of the future occupier, being mindful about their experience and bringing it to the fore.”

Damien Pasini, director at BauMont Real Estate Capital, added: “Following the receipt of planning permission last year, securing development financing is another significant milestone for 100 Fetter Lane. We look forward to working with Cain and YardNine to deliver a highly sustainable and innovative workplace in one of Central London’s most vibrant submarkets.”

BauMont was advised by BCLP and Cain International by Taylor Wessing, Savills and CBRE.

Read the article HERE

1 March 2022

Partners Group and YardNine let 80,000 sq ft to Aviva for new London HQ at EightyFen

Partners Group, a leading global private markets firm, acting on behalf of its clients, and YardNine have let 80,000 sq ft at EightyFen, the development named after its location at 80 Fenchurch Street in the City of London, to Aviva. EightyFen will become the new London headquarters of the UK’s leading insurer.

Aviva will occupy floors one to four in the 14-storey Grade A office development, with the potential to create a unique arrival and meeting experience for their clients on the first floor, alongside an exciting and innovative workplace.

Aviva joins Royal London and Arcadis at EightyFen, which comprises more than 240,000 sq ft of Grade A office accommodation, with sustainability and smart technology embedded throughout. The building is designed to the highest environmental standards and has achieved BREEAM excellent and WiredScore platinum ratings alongside a host of sustainable design and operations elements. Following this most recent letting, EightyFen is 75% occupied, with 60,000 sq ft remaining across floors seven to nine.

Occupiers benefit from easy access to Aldgate and Fenchurch Street stations, as well as close proximity to open public spaces including Aldgate Square and Braham St Park. The river is less than 10 minutes away and a host of cultural, leisure and educational amenities are close by.

Peter Holden, Managing Director, Private Real Estate Europe, Partners Group said: “We believe high-quality offices that focus on environmental sustainability and tenant wellbeing will be relative winners in the post-pandemic environment. EightyFen’s strong ESG credentials, high-end design specifications, expansive communal areas, and prime location is proving attractive as the return to office-working gathers positive momentum. Aviva’s selection is another vote of confidence in EightyFen’s standout offering.”

Maxwell Shand, Director of YardNine, said: “From inception to completion, the requirements of forward-thinking and sustainably-minded occupiers have been at the core of how we conceived and delivered EightyFen. Now, Aviva’s selection of EightyFen as its new London headquarters is not just a milestone for the development as it reaches 75% occupancy, but it entirely corroborates our belief in the future of the office and longstanding approach to creating best-in-class spaces. We very much look forward to welcoming Aviva”.

JLL & Ashurst advised YardNine and CBRE advised Aviva.

27 January 2022

Maxwell Shand features in Property Week’s ‘Predictions for 2022: Brace yourself’ and Liz Hamson’s ‘It’s all offices and politics’

Maxwell comments in two Property Week articles.

The bifurcation of the office market will continue as the gap between ‘the best’ and ‘the rest’ widens, fuelled by tightening ESG requirements and spaces designed with flexibility in mind and that can accommodate hybrid working. We need to rise to the challenge of delivering sustainable assets that meet not only increasingly stringent criteria for occupiers and investors, but also our collective responsibility to help the environment.

To do this, then we need the planning system to work as a facilitator, rather than a regulator, and for planners to be more creative in their policy and thinking. I also hope people return to urban areas in a meaningful way.

Read the ‘Predictions for 2022: Brace yourself’ here (and watch the video featuring Max here) and read Liz Hamson’s ‘It’s all offices and politics’ here

25 January 2022

YardNine secures a main contractor for 40 Eastbourne Terrace, W2

Following the successful forward funding to USS of the pre-let 369 room Premier Inn Hotel and hub by Premier Inn at 40 Eastbourne Terrace, W2, Invesco and YardNine has appointed Gilbert Ash as main contractor.

Works have commended on site and are due to complete in Q4 2023.

25 January 2022

BauMont and YardNine commence demolition at 100 Fetter Lane

Demolition has commenced at 100 Fetter Lance with Keltbray the appointed contractor.

BauMont and YardNine bought the site in January 2021. Since then, we have submitted and received a planning consent for 93,500 sqft NIA of new build, grade A office accommodation and secured vacant possession of the incumbent public house. When completed, the scheme will provide 15 floors varying between 2,250 and 10,750 sqft with dedicated floor-by-floor air handling units and an intelligent natural ventilation system. The scheme will achieve a BREAAM rating of ‘Outstanding’, Smart Score ‘Platinum’ and Wired Score ‘Platinum’.

Fletcher Priest leads the professional team and the main contact is currently out for tender. The project is due to complete in the summer of 2024.

9 August 2021

Partners Group and YardNine complete 55,000 sq ft letting to Royal London at EightyFen

Partners Group and YardNine are pleased to welcome Royal London, the largest mutual insurer in the United Kingdom, to EightyFen. Having exchanged contracts in August 2021, the lease for 55,000 sq ft of the 14-storey Grade A office development has now completed.

Due to take occupancy in [x], Royal London will occupy floors ten to fourteen of EightyFen, the development named after its location at 80 Fenchurch Street in the City of London, benefitting from a highly sustainable and agile working environment as well as panoramic views across London and access to the development’s large roof terraces. Royal London joins Arcadis, which took occupancy of 40,000 sq ft across floors five and six of the building earlier this year.

EightyFen was completed in October 2020 and provides more than 240,000 sq ft of Grade A office accommodation, with sustainability and smart technology embedded throughout. The building is designed to the highest environmental standards and has achieved BREEAM excellent and WiredScore platinum ratings alongside a host of sustainable design and operations elements.

Occupiers benefit from easy access to Aldgate and Fenchurch Street stations, as well as close proximity to open public spaces including Aldgate Square and Braham St Park. The river is less than 10 minutes away and a host of cultural, leisure and educational amenities are close by.

Maxwell Shand, Director of YardNine, said: “Welcoming Royal London to EightyFen is an exciting start to 2022 and we look forward to seeing London’s continued recovery this year as it resumes its position as a thriving centre of activity and the best city in the world in which to work.”

Knight Frank/JLL advised YardNine and Cushman & Wakefield and Gowlings WLP advised Royal London.

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.”

17 September 2021

YardNine grows team with Development Manager

YardNine has grown its London-based team with the appointment of Sam Palk as Development Manager. Sam brings 6 years of experience and joins from Lendlease, where he worked within the Development and Investment Capital Markets teams. He specialises in complex multi-asset developments in London, the wider UK and Europe, with a focus on development finance and investment.

Sam will work alongside the existing team to help continue its successful track record in the delivery of projects in London, whilst also supporting the business as it continues to grow.

 

Sam’s appointment follows a strong period of activity for YardNine, including the practical completion of EightyFen, delivering more than 240,000 sq ft of Grade A office accommodation in the City of London, and the forthcoming delivery of 75,000 sq ft of Grade A office accommodation, 10,000 sq ft of retail space and seven mews houses due before Christmas 2021 at 50 Eastbourne Terrace; and the imminent start on site to deliver a 369-bed hotel pre-let to Whitbread plc at 40 Eastbourne Terrace in Paddington. Most recently, YardNine won planning consent for the complete redevelopment of 100 Fetter Lane with its partner, BauMont Real Estate Capital, with plans to deliver a new 12-storey, net-zero carbon emissions office scheme.

 

Maxwell Shand, Director of YardNine said: “Since YardNine’s launch in 2017, we have been on an exciting and fast-paced journey, working with leading investment partners to deliver best-in-class assets that are setting a new standard for sustainability and health in the built environment. We very much look forward to continuing this with Sam on board and benefitting from his experience working on projects arounds the UK.”

 

Sam Palk said: “This is a great opportunity to join a company that is at a pivotal stage in its growth, and I look forward to working with the team to continue the successful development of YardNine.”

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.”