Railpen has secured planning consent for the comprehensive redevelopment of 12 Smithfield, paving the way for a new 122,000 sq ft office-led scheme in the City of London. The investment manager, which manages the £34bn Railways Pension Scheme, plans to reposition the existing building as a next-generation headquarters development overlooking Smithfield Market. Completion is currently targeted for the fourth quarter of 2028.
Designed by Henley Halebrown, the project will retain and upgrade the building’s existing structure while introducing a new façade, expanded public realm and improved environmental performance. The development is targeting BREEAM Outstanding, EPC A, WELL Core Platinum, NABERS UK 5-star and Net Zero Carbon in operation, placing sustainability and the reuse of the existing structure at the centre of the scheme.
Major office and amenity space planned
The consented plans include office floorplates of up to 20,000 sq ft across five levels. More than 9,400 sq ft of private terraces and a rooftop garden will also be provided, alongside approximately 11,400 sq ft of multifunctional retail, café and amenity space.
Located less than five minutes from Farringdon station and the Elizabeth Line, 12 Smithfield will sit opposite the historic Smithfield Market site and the future London Museum. The museum is expected to open in 2028 as part of the wider transformation of Smithfield into a new cultural and commercial district. Railpen said the surrounding area is benefiting from approximately £400m of investment.
Emily Atkinson, UK Offices – Sector Lead at Railpen, said:
Securing planning consent for 12 Smithfield is a significant milestone for Railpen and for the continued evolution of the Smithfield area. As a long-term investor, our approach is to create assets that stand the test of time. The transformation of 12 Smithfield will deliver a high-quality HQ workspace for a broad range of potential occupiers, spanning a diverse range of industries including finance, tech, creative and more, with strong amenities and exemplary sustainability credentials, making it a standout addition to our growing London office portfolio.
Matthew Howard, Head of Property at Railpen, added:
Railpen continues to invest in repositioning and developing high-quality office assets in high growth locations with low levels of best in class supply such as Central London, Birmingham and Cambridge. 12 Smithfield represents exactly the type of long-term, sustainable real estate investment that aligns with our strategy. With its design quality, strong environmental performance and prime micro-location opposite the future London Museum, the building will be a flagship addition to our office portfolio and an important contribution to the next chapter of Smithfield’s regeneration.
Marketing campaign begins
Railpen has appointed JLL and Newmark to begin marketing the development to prospective occupiers. The project forms part of Railpen’s wider strategy of repositioning and developing office assets in well-connected locations where demand is increasingly focused on high-quality, sustainable space.
Its central London portfolio includes The Fenner at 26 Red Lion Square in Holborn, 125 Wood Street and 4 Coleman Street in the City of London. Outside London, Railpen’s office portfolio includes the 295,000 sq ft Multistory development in Birmingham and 11 Cambridge assets totalling more than 1.9 million sq ft. Those Cambridge investments include Botanic Place and Mill Yard, both of which are currently under construction.
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Expert Verification & Authorship: Mihai Chelmus
Founder, London Construction Magazine | Construction Testing & Investigation Specialist |
