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17 JULY 2023
Refurbishment drive will create best in class office stock by improving environmental performance and on-site amenities, offering occupiers low operational and embodied carbon workspaces.
Grosvenor has started a £35m capital investment programme to transform its regional office portfolio into leading low carbon workspaces.
Built up over the past two years, Grosvenor’s 500,000 sq. ft. regional office portfolio comprises seven offices in Manchester, Birmingham, Bristol and Leeds.
Grosvenor is now repositioning them to provide best in class occupier experience and significantly enhanced environmental performance.
The most extensive refurbishment is happening at 134 Edmund Street in Birmingham. The year-long programme of works includes upgrading the building’s heating and cooling system, a new arrival experience, business lounge for occupiers and their guests, café, gym, communal terrace and enhanced end of journey facilities.
By creating prime office space from existing buildings, the intention is to minimise both operational and embodied carbon emissions. In line with Grosvenor’s carbon reduction commitments, a key element of the refurbishment push is to reduce operational energy use, with a minimum benchmark of 4.5* NABERS set for each building.
Grosvenor has pioneered the use of NABERS, securing the first rating for an existing building in the UK for Toronto Square in Leeds. Devised to bridge the performance gap between the design and in-use energy performance of offices, it uses metered energy consumption data to recommend energy efficiency improvements.
To further reduce onsite energy use, Grosvenor is using Demand Logic. This technology platform helps building owners and occupiers reduce energy consumption and costs by providing live data on the building’s energy usage, improving occupant wellbeing and increasing maintenance effectiveness. In 2022, Grosvenor invested in Demand Logic as part of its £65m push to invest capital in European proptech startups that support its environmental, social and commercial goals.
The regional office strategy is led by the investment team in Grosvenor’s UK property business, which also manages Liverpool ONE, the 42-acre retail and entertainment destination and the recently launched residential debt strategy.
Nathalie Hakim, Investment Director, Grosvenor said: “Across the UK’s leading regional markets there is high demand and limited supply of prime office stock with first class amenities and strong environmental performance.
As a business with extensive experience of retrofitting buildings and active asset management, we’re well placed to meet what we anticipate will be a growing demand for a market leading office product with low operational and embodied carbon.
Grosvenor is an international organisation whose activities span urban property, food and agtech, rural estate management and support for philanthropic initiatives.
We are a values-led business which represents the Grosvenor family and share a common purpose - to deliver lasting commercial, social and environmental benefit - addressing today’s needs while taking responsibility for those of future generations.
With a track record of over 340 years, we work to improve urban property and places in many of the world’s leading cities, promoting sustainability within the built environment and enhancing the wellbeing of customers and communities.
Our UK property business supports c1,000 businesses and tens of thousands of residents and workers across London’s West End each day. We also invest in, create and manage sustainable neighbourhoods in Liverpool and across England. As a 1.5oC aligned company, pioneering change and new ways of thinking about property we aim to ensure our places benefit both people and the planet over the long term.
Senior Public Affairs & Communications Manager