Developers Get Creative On How To Use Basements And Lower Floors Of Resi Schemes
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The days of a small convenience store, chain coffee bar and restaurant on the ground floor of a major London residential scheme are increasingly behind us.
Now creative office space and cultural and leisure facilities are becoming increasingly common.
An example: British Airways Pension Trustee Limited and creative real estate developer General Projects have acquired a 999-year leasehold interest over 98K SF of ground, basement and first-floor commercial space within Keybridge House, a 595-unit residential scheme under construction in Vauxhall. The development is being carried out by Mount Anvil and A2Dominion.
The commercial space acquired by BA and General Projects comprises 58K SF of basement with 5 to 6-metre ceiling heights and 40K SF of ground and first-floor retail and office space.
General Projects said it plans to deliver a new commercial hub that will include creative office space, a mix of independent food and beverage at ground floor, and a unique cultural, educational or leisure anchor in the basement.
The development, set within 1 acre of public gardens, was designed by Allies & Morrison architects and will be the UK’s tallest brick building.
“The opportunity to acquire a 1.3-acre floor plate in Central London with 5-6 metre ceiling heights is unique,” General Projects Chief Executive Jacob Loftus said in a statement. “We have a vision to create a new world-class leisure, cultural or education hub that will further contribute to the reinvention of Vauxhall into one of London’s leading new neighbourhoods.”
“BAPTL and General Projects’ ambitions align with our intentions for the site: to deliver a world-class, mixed-use destination, which encompasses best-in-class homes alongside a high-calibre, and moreover relevant commercial offering,” Mount Anvil Chief Executive Killian Hurley said.