ISG secures £9.1million cheapside office scheme

ISG has been awarded a £9.1million project by Amsprop Investments, Lord Alan Sugar’s property development company, to transform an existing nine-storey office building overlooking St Paul’s Cathedral into high specification, contemporary office and retail space.

Originally constructed as commercial office accommodation in 1968, the octagonal building at no.5 Cheapside has been vacant for several years. The 69-week programme sees ISG carry out extensive remodelling work to create a new façade across all eight external walls and reconfigure the internal layout to significantly increase the lettable floor space to maximise the building’s rental yield. On completion, the building will comprise 40,000 sq ft of Cat A open plan office space across floors one to seven, and 4,500 sq ft of retail space at basement and ground level, currently envisaged as a single unit.

The complex retrofit project involves extensive ‘Cut & Carve’ works to remove the existing stone cladding and pre-cast stone façade and windows, with partial replacement of floor slabs and supporting columns. The façade across all elevations will then be re-instated using polished limestone and a bespoke floor to ceiling window installation. Significant temporary works will be required during this period to ensure the structural integrity of the building.

Internal remodelling, alongside the structural changes and upgraded façade, will generate an increase of 750 sq ft in lettable floor space on levels one to six, with an increase of 1,110 sq ft on level seven, where existing plant will be replaced with a more efficient and space-saving system. ISG will infill the building’s mezzanine levels, relocating toilet facilities from the central core to the edge of each floor plate to further maximise useable space. The contractor will also install two new lifts, replace the existing staircase and form separate entrances for the office and retail accommodation at ground floor level.

Externally, ISG will install a new standing seam roof and create a winter garden terrace on the seventh floor overlooking St Paul’s cathedral. The contractor will also install all shop fronts at ground floor level.

Stuart Deverill, ISG’s Southern regional managing director, commented:

“This is an exciting and challenging scheme that will see ISG transform a vacant and outdated building into contemporary office and retail accommodation. This project is a prime example of how to revitalise and retrofit existing London commercial stock. While the extensive remodelling adds significantly to the complexities of the programme, particularly in a location that is busy with shoppers and tourists, it will substantially enhance the building’s aesthetics and generate additional floor space without any increase to the overall footprint.”