10 Nov 2023
HubCap acquires 150 Minories in Aldgate
We have acquired 150 Minories for £39m, in partnership with Bridges Fund Management, to repurpose the existing commercial building into a sustainably built residential scheme.
This is the latest project as part of the ‘office to residential’ re-purposing strategy developed by HubCap, alongside Bridges’ property funds platform, and follows on from our recent acquisition of 45 Beech Street for £30m, next to the Barbican estate, another workplace conversion project.
150 Minories was chosen due to its prime position in the middle of a vibrant, evolving neighbourhood. There is an opportunity for the site to change use and positively contribute to this exciting location between the City and the bustling East End. The conversion will involve retaining the frame of the building and reinforcing its foundations, an approach which saves 30% embodied carbon compared to an equivalent new build.
HubCap now has five projects under development between London and Edinburgh with a combined GDV of £330m.
Miles Keeley, Principal at HubCap, said:
“There is a chronic need for more good quality, sustainable housing in the City of London, so that people can continue living and working there. 150 Minories will deliver up to 300 new homes to help meet this need. This part of Aldgate is poised for major revitalisation, and we look forward to playing our part through this transformative development. The back-to-back acquisitions of Minories and Beech Street highlight the scale of our ambitions to be a market leader in the re-purposing space, an area of the market that desperately needs to mature due to changes in the way occupiers use buildings, as well as the pressing need to save embodied carbon.”
“HubCap’s strategy is to identify sites suitable for conversion that will help to reanimate pockets of cities in need of an injection of life. Introducing a better mix of uses in city centres, especially more housing, is crucial for resurrecting local economies.”