Plans approved for Beltane Asset Management’s Fitzroy House retrofit
Site purchased alongside TPG Angelo Gordon, the ninth joint venture between the pair
DRC Capital provides financing for the acquisition and proposed refurbishment works
Fitzroy House to provide 45,000 sq. ft. of best-in-class workspace
Beltane Asset Management (Beltane) has unveiled plans approved by the London Borough of Camden for Fitzroy House, a commercial building in Fitzrovia. Beltane purchased the freehold site in September 2024 alongside TPG Angelo Gordon, their ninth joint venture across a relationship spanning 12 years. Almira is providing consultancy services to the joint venture. Financing has been secured from DRC Capital, the second transaction between the businesses.
Fitzroy House is set to come a best-in-class workspace, a welcome addition to Fitzrovia’s competitive commercial market, with the area in short supply of good quality office buildings. The dual aspect property, with entrances on both Warren Street and Euston Road, will provide occupiers with nearly 45,000 sq. ft. of workspace across five floors plus private and shared roof terraces and an internal courtyard. Additional amenities include generous cycle storage and shower facilities.
The vision from Ben Adams Architects is to sensitively modernise the building, safeguarding its future as a contemporary workspace and maximising its commercial potential. The character of the building’s outer envelope will be brought into cohesion with the more historic neighbouring buildings.
By bringing its main entrance to Warren Street, opening up lines of sight into its ground floor spaces and activating its frontage, Fitzroy House will better engage with the streetscape – now a lively low traffic neighbourhood that has undergone significant improvements over recent years. The building’s structure and cores will be retained, the design targets BREEAM excellent, and embodied carbon will be tracked during construction. Work is expected to complete next year.
Duncan Roe, Founding Partner at Beltane Asset Management, said: “Fitzroy House underpins our strategy of investing in Central London real estate where significant value can be created through intelligent asset management. Through a sensitive retrofit approach and improvements to its roof terraces and internal courtyard, we have confidence that the building can once again become a desirable place to work, in an excellently connected area. To have received swift, full support from the London Borough of Camden, well within their targeted 8-week timeframe, is testament to their recognition of Fitzroy House’s potential.
Patrick Hammond, Associate Director and Head of Design Development, Ben Adams Architects, said: “45 Warren Street is currently a significant, yet unremarkable building that is not fulfilling its potential as an office fit for modern working needs. We worked collaboratively with Camden Council on a design that brings visual interest, activates the façade, increases permeability, and allows us to develop the site sensitively. By improving the appearance of the existing building and reorientating the main entrance to Warren Street, we hope Fitzroy House will better respond to its context and positively contribute to its locality.”
Beltane was represented by Cushman & Wakefield for Fitzroy House’s acquisition and Knight Frank acted for the vendor. RDM Capital acted as sole arranger of finance between TPG Angelo Gordon, Beltane Asset Management and DRC Capital.