Orion buys the former Daily Mail HQ in the city of London

Orion Capital Managers has bought the former Daily Mail HQ in the City with Quadrant Estates named as its development partner. The 120,000 sq ft Grade II-listed Carmelite building at 50 Victoria Embankment, EC4, was sold as a vacant building by clients of Aberdeen Asset Management.

The Thameside site, which was previously Taylor Wessing’s HQ and originally built in 1992, has consent for a redevelopment providing 130,000 sq ft of net office space. Quadrant and Orion intend to comprehensively refurbish the existing building starting on site in January next year to provide a BREEAM ‘Excellent’ building with completion targeted for mid 2014 and a gross development value of £120 million.

Designed by architects Fletcher Priest, the building will offer 20,000 sq ft office floor plates, targeting occupiers from the West End, Mid-Town and the City looking for Grade A space.

Tristram Gethin, managing and founding director of Quadrant Estates, added:
“Carmelite is a prime, Mid-Town HQ building in an enviable location overlooking the Thames. The West End, Mid-Town and City all have limited supply of Grade A office space and this location is increasingly seen by many occupiers as a viable alternative to the West End.”

Knight Frank acted for Aberdeen Asset Management and CBRE acted for Orion Capital Managers and Quadrant Estates.