Aviva Investors, the global asset management business of Aviva plc, announces it has completed the purchase of New Broad Street House in the City of London, acquiring the remaining stake in the building via its Real Estate Active Long Term Asset Fund (‘REALTAF’).

New Broad Street House increases Aviva Investors’ commitment to London’s prime office market, adding to its existing portfolio of assets across the City of London which includes One Liverpool Street, 101 Moorgate and 130 Fenchurch Street.

New Broad Street House is a heritage building situated on the corner of the historic cobbled New Broad Street and Old Broad Street and within the heart of the New Broad Street Conservation area. The building currently provides more than 102,000 sq ft of office space, as well as four retail units at street level, sitting in a prime location opposite Liverpool Street station and entrance points to several London Underground lines.

Originally constructed in 1907 as three separate properties, it underwent extensive renovation and remodelling in the 1980s which saw the historic facades retained and the demolition of the internal floors and walls, with the current structure spread across five upper floors, as well as a lower ground and basement level.

Supporting the City of London’s strategic priority to deliver a minimum of 1.2 million sq m additional office floorspace by 2040 as part of its ‘City Plan 2040’, Aviva Investors has undertaken an initial assessment into the building’s development potential, which could provide up to an additional 100,000 sq ft of additional prime office space in the heart of the City, subject to planning permission. This follows Aviva Investors having recently submitted detailed plans for its proposed redevelopment of 130 Fenchurch Street, which would see the creation of a showpiece 31-storey tower.

Ed Atterwill, Head of Central London at Aviva Investors, said: “We are pleased to grow our investment into the City of London, adding to a number of prominent schemes at Liverpool Street, Moorgate and Fenchurch Street. The Square Mile is one of the strongest performing locations in the capital, whilst its office market remains a key conviction sector for us. We look forward to working with the City of London in unlocking future development prospects that help it get ready for the future by supporting its strategic priorities, creating potential coinvestment opportunities with capital allocators, and presenting those plans in due course.”