Railpen secures planning approval for major Smithfield office scheme

Railpen has secured planning permission for the redevelopment of 12 Smithfield, paving the way for a major office scheme in the City of London as the surrounding area undergoes significant regeneration. The £34 billion Railways Pension Scheme manager plans to transform the existing building into a 122,000 sq ft office development, with completion expected in the fourth quarter of 2028. The scheme is intended to provide new office space alongside retail, café and amenity uses, overlooking the historic Smithfield Market site. The project forms part of wider investment in the Smithfield district, where around £400 million is being invested ahead of the opening of the new London Museum in 2028. The museum will occupy part of the former Smithfield Market complex and is expected to become the centrepiece of a new cultural quarter.

Designed by architect Henley Halebrown, the redevelopment will retain much of the existing structure while introducing a new façade, expanded public space and upgraded environmental performance. Railpen said the building is targeting BREEAM Outstanding, EPC A, WELL Core Platinum, NABERS UK 5-star and Net Zero Carbon in operation certifications.

The building will provide office floorplates of up to 20,000 sq ft across five floors, together with more than 9,400 sq ft of terraces and rooftop garden space. A further 11,400 sq ft will be dedicated to retail, café and other amenity uses. The site is less than five minutes’ walk from Farringdon station and the Elizabeth line.

Emily Atkinson, UK offices sector lead at Railpen, said the planning approval marked “a significant milestone” for both the company and the ongoing transformation of Smithfield. She said the development would provide headquarters space aimed at occupiers across sectors including finance, technology and the creative industries.

Matthew Howard, Railpen’s head of property, said the scheme reflected the organisation’s strategy of investing in high-quality office buildings in locations where supply of new Grade A space is limited. He said its position opposite the future London Museum would make it a flagship asset within Railpen’s office portfolio. Railpen has appointed JLL and Newmark to market the building to prospective occupiers.

The project adds to Railpen’s programme of office developments in London, which includes The Fenner in Holborn, 125 Wood Street and 4 Coleman Street in the City. Elsewhere, its portfolio includes the 295,000 sq ft multistorey development in Birmingham and 11 office assets in Cambridge totalling more than 1.9 million sq ft, including Botanic Place and Mill Yard, both currently under construction.