Aviva Investors has bought a six-storey office building in a tech cluster in London for £25 million.
The Stylus six-floor, 2,300 sq m building in Old Street is in London’s ‘Tech City’ and has been constructed behind the façade of a former Victorian gramophone factory that is now “exceptionally energy efficient” with no fossil fuel usage.
Hot water and heating for the site is provided by air source heat pump technology, with solar photovoltaic panels providing electricity.
The firm said the purchase would contribute to its net zero emissions target set for no later than 2050.
Tech City is a London growth sub-market that Aviva Investors believes is likely to experience strong future demand for office space given its ability to “attract and nurture talent in the era of knowledge capitalism”.
Daniel McHugh, real estate managing director Aviva Investors, said: “Stylus is a great example of how office space can be delivered in a low carbon way making use of a heritage building with a retained façade, zero fossil fuels and outstanding energy efficiency.
“Despite the size of London’s office market there is a significant under-supply of grade-A office space such as that offered by Stylus, particularly in the Tech City sub-market centred around Old Street Roundabout.”
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