The Brunei Investment Agency, the sovereign wealth fund of the sultanate of Brunei, has unveiled its Bridgemont-developed and Hopkins Architects-designed initial proposals for a redevelopment of One Embankment Place, a major office building above Charing Cross Station in Westminster.
The work comes as the building's occupier, Big Four accountant PwC, runs the slide rule over options for relocation in London.
The building was designed by the late Sir Terry Farrell. Bridgemont, the London property developer, said its plans for the prominent building above Charing Cross Station have been unveiled ahead of the next phase of public engagement on the project. It said the new designs reflect feedback from the first phase of consultation late last year.
It said: "Alongside essential upgrades to ensure the building remains attractive to world-leading occupiers and an improved public experience, the proposals retain the existing building’s distinctive character and design intent – working with the existing structure rather than replacing it, and responding directly to long‑standing challenges."
Sir Terry’s son Max Farrell, founder of the LDN Collective and former partner at Farrells, is advising on the proposals. This includes exploring improvements to the surrounding streetscape.
Key elements here include an upgrade of Villiers Street introducing active frontages and public realm travel around one of London’s busiest streets, and clearer pedestrian links to improve movement between Charing Cross Station and the Embankment.
There is also a focus on improving the retail and leisure so that it "reflects Westminster’s character, responding to feedback calling for better quality street-level uses".
The focal point is a retrofit-led development comprising 377,000 square feet of offices with amenities including outdoor terraces. It will also focus on improving Victoria Embankment Gardens and reworking the Charing Cross station arrival experience in collaboration with Network Rail.
It will preserve around 90% of the existing structure and the majority of the facade. It is proposing a fully decarbonised, all‑electric building targeting BREEAM ‘Outstanding’, NABERS 5*, and EPC A leading sustainability credentials. There will be a minimum of 180 photovoltaic panels on the barrel vault roof.
Mike Taylor, principal at Hopkins, said in a statement: “Our detailed designs build on the principles set out last year but now go further in responding to early consultation feedback, and in strengthening how the building meets the city around it. We remain committed to evolving Sir Terry Farrell’s original vision with care – enhancing 1 Embankment Place’s relationship with Villiers Street, improving daylight and openness, radically overhauling the sustainability performance, and ensuring the building continues to serve commercial occupiers and the public for decades to come.”
Mark Wenlock, principal at Bridgemont, added: “Through the detailed proposals, we’ve focused on shaping improvements that reflect what people told us mattered most, including a more inviting Villiers Street, better pedestrian connectivity, and a higher‑quality ground‑floor experience.”
Farrell, added: “It’s a privilege to help carry forward my late father’s vision for 1 Embankment Place, preserving the bold spirit of the original design while enhancing it in a way that reflects today’s needs and values. Hopkins and the wider project team have shown care and dedication to shaping proposals that honour this ambition, and I’m very supportive of the work so far.”
The parties did not mention negotiations with tenant PwC but have previously said there has been dialogue. The company has been the building’s sole occupier from its completion in 1991.
PwC is still live with a 300,000-square-foot requirement in London.
CoStar News reported in August 2024 on how the firm is working with Cushman & Wakefield on the 250,000- to 300,000-square-foot requirement as it reviews its London office portfolio ahead of a 2030 lease expiry at 1 Embankment Place.
A relocation would see PwC vacate 1 Embankment Place where it occupies around 303,000 square feet on floors one to nine. Market sources suggested PwC may seek to structure a deal that enables it to consolidate London offices back at the site once a redevelopment is completed.
In May 2024, CoStar reported that PwC had shortlisted Cushman & Wakefield, Savills and CBRE as its potential adviser on stay-or-relocate options for its London office portfolio. The firm occupies almost 900,000 square feet in the capital across 1 Embankment Place and 7 More London Riverside, SE1, in London Bridge where it occupies around 425,000 square feet with a 2035 lease expiry.