40 Leadenhall Street London, UK
PDS advises M&G Real Estate on the purchase of 40 Leadenhall Street
New office-led mixed-use development
over 900,000 sqft.
PDS has provided full technical due diligence and cost advisory services to M&G Real Estate acting for M&G Prudential With Profits Fund, on the successful purchase of a development site at 40 Leadenhall Street from Nuveen, formerly TIAA. The transaction also included the sale/purchase of three adjacent existing building assets extending to around 220,000 sq ft and including the substantial, multi-let Hallmark Building.
The main site is currently being cleared for the construction of a new office-led mixed use development of over 900,000sqft, adding a 34 storey skyscraper and linked 14 storey tower to the City cluster. Designed by Make Architects, the development will be delivered by Mace, with Nuveen retained as the development manager.
PDS were able to provide M&G with a bespoke TDD service tailored to an evolving strategy that looked to secure the purchase of the site (including advising on the existing, retained assets) alongside the execution of the building contract with Mace. This required specialist input from our project management team and building consultancy team in combination with external advisors managed by PDS to provide:
- Purchase agreement advice
- Pre-purchase survey advice with particular emphasis on regulatory compliance and health and safety risk aspects
- Cost review and risk/gap analysis for construction and other development costs
- Master development programme and construction programme assessment, risk analysis and benchmark advice
- Technical design assessment
- Sustainability advisory
- Building contract review in conjunction with client’s legal advisors
- Statutory compliance [planning; building control] advisory
- Title and neighbourly matters advisory
- Rights of Light advisory.
Construction of the new development is due to commence in Q1 2020 and will be completed in phases up to Q3 2023.