Construction of Explore, a sustainable best-in-class office refurbishment in Richmond, has reached practical completion, delivering 45,000 square feet of much-needed high-quality office accommodation, with leading ESG credentials, to the South-East market.
A report by Savills found that take-up of office space in Greater London and the South East region was 95% higher in the second half of 2023, compared to the previous period, as best-in-class office space is becoming vital in attracting talent and fostering community post-pandemic.
The development has been funded by Barwood Capital’s Regional Property Growth Fund IV and delivered by RED Construction Group. Moorevale acted as development manager on behalf of Barwood.
Barwood Capital is an owner managed business founded in 2009, specialising in UK regional investment and development. Its purpose is to innovate and unlock value, generating strong and sustainable growth by investing responsibly in UK regional real estate and combining nimble capital with the talents of exceptional people and experienced partners.
Barwood takes a partnership approach and is committed to providing investors and partners with a personalised service that leaves them feeling valued and rewarded. To date, Barwood Capital has invested over £490m into UK regional real estate, creating over £1bn in value, with a repeat investor rate of over 80%.
Explore is targeting the upper end of a BREEAM Excellent rating, net zero in operation enabled and an EPC A rating. Measures to support energy efficiency and biodiversity include enhancing greening and planting opportunities in both common areas and private spaces plus electric vehicle charging points.
Employee health and wellbeing has been highly prioritised in the development, with amenities including 42 cycle parking spaces, a communal lounge, and a gym. The scheme has secured WiredScore Gold and Fitwell 2* accreditation.
Adam Smith, Senior Asset Management Director at Barwood Capital, said:
“Both Moorevale and Red Construction have worked tirelessly to deliver this back-to-frame refurbishment that has faced a multitude of challenges on its journey to practical completion. The result is a phenomenal product with best-in-class design at its core that is coupled with leading ESG credentials. We are seeing a notable improvement in occupier enquiries who are focused on providing an enhanced working environment for their staff. The building is a welcome improvement to the Richmond landscape.”
Chris Bulmer and Clare Lane of Bray Fox Smith are acting as joint agents alongside Andrew Willcock and Oliva Jones of Savills.
For more information, visit: https://richmond-explore.com/