Railpen secures consent for next-generation office redevelopment in Smithfield

Railpen has secured planning permission to redevelop 12 Smithfield into a next-generation office building, adding another major commercial project to the ongoing regeneration of one of London's fastest-evolving business districts.

The £34 billion pension fund manager will comprehensively refurbish the existing building to create more than 122,000 sq ft of Grade A office and amenity space, with completion targeted for the fourth quarter of 2028.

Rather than replacing the building, the scheme will retain and upgrade its existing structure, reflecting the continued shift towards refurbishment-led office development as investors seek to improve environmental performance while reducing embodied carbon.

Designed by Henley Halebrown, the project will introduce a new façade, expanded public realm and upgraded workplace amenities while targeting some of the industry's highest sustainability benchmarks, including BREEAM Outstanding, EPC A, WELL Core Platinum, NABERS UK 5* and Net Zero Carbon in operation.

The development will provide office floorplates of up to 20,000 sq ft across five levels, together with more than 9,400 sq ft of private terraces and rooftop garden space. A further 11,400 sq ft has been allocated to retail, café and amenity uses designed to support both occupiers and the surrounding neighbourhood.

Located opposite the historic Smithfield Market, the building is expected to benefit from the area's wider transformation, including the opening of the new London Museum in 2028 as part of a £400 million regeneration programme that is reshaping Smithfield into a major cultural and commercial destination.

Its position within walking distance of Farringdon station and the Elizabeth Line also reinforces the growing importance of connectivity in attracting modern office occupiers.

Railpen said the redevelopment forms part of its long-term strategy of repositioning office assets in locations where demand for premium workspace continues to outstrip supply.

Emily Atkinson, UK Offices Sector Lead at Railpen, said the scheme would deliver a future-ready headquarters building designed to meet the evolving requirements of occupiers across sectors including finance, technology and the creative industries.

Matthew Howard, Head of Property at Railpen, added that the project reflects the organisation's wider investment strategy, which is focused on delivering sustainable office assets in high-growth locations including Central London, Birmingham and Cambridge.

The redevelopment is the latest example of how London's office market continues to evolve through refurbishment rather than wholesale redevelopment. As occupiers increasingly prioritise sustainability, wellbeing and connectivity, long-term investors are repositioning existing buildings to meet changing workplace expectations while contributing to the wider regeneration of established commercial districts.