Pace Investments seeks funding partner for Sugar Quay office development

£200m scheme will deliver 230,000 sq ft of grade A office space on Lower Thames Street

Article posted: 27 Jan 2011

Gresham Down and Savills have been appointed by private property firm Pace Investments to find a funding partner for a £200m scheme which will deliver 230,000 sq ft of grade A office space to the City of London.

Pace has already achieved planning consent for its Sugar Quay development close to the Tower of London on the site of a seventies building, formerly the home of Tate and Lyle and Man Group, but for centuries the site which housed customs officials monitoring and taxing ships and their cargo from across the globe.

Designed by David Walker Architects, the glass fronted scheme will be constructed on one of the waterfronts last remaining undeveloped sites in the City. Hot favourite for the project is Sir Robert McAlpine which recently completed work on Pace’s Riverbank House, 325,000 sq ft of high specification office space in EC4, fully let to Man Group plc.

Commenting on the project Stephen Down managing partner of investment adviser Gresham Down, said: “With City rents rising over the past 12 months by 25% and severe shortage of new office space predicted over the next few years developers are keen to commence new developments, but an absence of finance will mean that only the very best schemes such as Sugar Quay will get started.”

Other Pace Investments schemes include the Botanic Place mixed-use development which includes 50,000 sq ft of office space in Cambridge and the Omnibus Building in Reigate which comprises 80,000 sq ft of office space in Surrey.

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Posted by Jules