Jersey Structures Power the UK’s Largest All-Electric Net Zero Office Development

Welput, a real estate fund domiciled in Jersey and managed by BGO, is behind one of the UK’s most ambitious sustainable office developments – 105 Victoria Street in London. The project demonstrates how Jersey’s product suite can enable institutional investors to deliver genuine environmental and social impact, supported by high standards of governance.

Fund structure:

Welput is a Jersey domiciled Alternative Investment Fund (AIF), regulated by the Jersey Financial Services Commission which has marketed into the EU under national private placement. The fund’s assets, including 105 Victoria Street, are held through Jersey Property Unit Trusts (JPUTs) – a well-established and flexible vehicle for investment into UK real estate and land assets. WELPUT established a co-invest JPUT for the redevelopment of 105 Victoria Street and invests alongside three institutional investors into the project.

Super sustainability metrics:

105 Victoria Street – now under development and on track for 2026 delivery – is designed as the UK’s largest all-electric, net zero carbon office building, setting a new benchmark for sustainability in commercial real estate.
Key sustainability credentials targeted include:

• 100% electric operation powered by renewable energy
• Net zero carbon in operation
• Targeting BREEAM Outstanding, NABERS 5.5-star and WELL Platinum certifications
• Designed to enhance biodiversity and wellbeing with 25,000 sq. ft. of terraces and green spaces

The asset has already received strong occupier interest and in September 2024, the largest ever pre-let by rent roll for Victoria, was signed. This was a major pre-let event, two years ahead of completion and demonstrated the demand for best-in-class space.

“As we move towards completing landmark projects such as 105 Victoria Street, WELPUT remains focused on creating resilient, world-class, and socially responsible places for London’s future.” Alexander Morris, Managing Director at BGO

This pioneering project also shows how Jersey’s respected financial services ecosystem supports the transition to a low-carbon economy with quality products and service providers that support sustainable capital deployment.
The Welput fund recently announced that it had achieved its strongest ever results in the 2025 Global Real Estate Sustainability Benchmark (GRESB) Report, demonstrating exemplary leadership in sustainability for the third consecutive year.
Through innovative structuring and outstanding sustainability performance, 105 Victoria Street highlights Jersey’s role in enabling responsible investment.

“I am proud to be supporting projects delivering best-in-class real estate assets, including working with the BGO team on cutting-edge projects such as 105 Victoria Street, with such strong sustainability credentials. It is equally rewarding to know that Jersey products and services are so well positioned for structuring such investments for institutional investors, including delivering high quality governance.” Simon Vardon, Non-executive director to the Manager of the Welput fund and underlying JPUTs

Jersey service providers:

Jersey law firm Bedell Cristin provides legal advice to the fund and structure.

Apex Group Fiduciary Services Limited (Apex Group) provide administration and accounting services to the fund and structure.

BNP Paribas Depositary Services (Jersey) Limited and BNP Paribas Depositary Services Limited are the joint trustees to the fund and JPUTs within the structure.