Schroders is seeking a buyer for a significant consented office development opportunity in London's West End.
Allsop has been appointed on the site, which is the former UK head office of marketing and sales company Omnicom, and lies close to Tottenham Court Road.
Schroders Capital UK Real Estate Fund gained consent in 2023 to redevelop Minerva House, Fitzroy House and Telephone Exchange, three interlinked office buildings on Chenies Street in Bloomsbury, into a 106,736-square-foot workspace renamed North Crescent. The scheme adds 37% to the floor area, building another two floors and a roof terrace.
SCREF had said it would work closely with development partner Stanhope to "sensitively reposition" the heritage office buildings, which are in the Bloomsbury Conservation Area, into a sustainability and wellbeing-led office scheme, designed by architect Morris+Company. During the redevelopment, 87% of the existing building structure and 84% of the existing primary facades would be retained.
The plans include a communal reception, bike storage, fitness and wellness studios, a café and a roof terrace. The floorplates can let as whole or be subdivided.
In February, American asset manager Nuveen announced it planned to buy United Kingdom-listed fund manager Schroders for £9.9 billion ($13.5 billion) in a move that would create a global asset management titan. The combined group would have assets under management of nearly $2.5 trillion. The two companies manage a giant portfolio of real estate globally.
Schroders and Allsop declined to comment.