Commercial Blog June 2017 - Colliers International | London

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  1. June 2017

  2. Current trend: brand new office building on Fashion Street in Spitalfields

    1 June 2017
    Right in the very heart of Spitalfields, this newly built four-storey office building has an architectural style that directly reflects the local vernacular of Victorian-era fabric industry buildings, with sandy coloured London stock bricks interspersed with warehouse-style powder coated aluminium windows.
    Heading inside, the building reveals a continuation of the industrial aesthetic with exposed steel columns, exposed services and lighting hung from galvanised steel channels. There’s also a list of contemporary amenities including accessible metal tile raised flooring, Daikin air conditioning, passenger lift, self contained WCs and shower facilities and useful bike storage.

    A total of 17,690ft2 is on offer, with self-contained office spaces from ground to third floor and individual floorplates ranging from 3311ft2 to 4976ft2 with the second floor unit having a private terrace and the third floor a private balcony.

    3-5 Fashion Street is in the very heart of Spitalfields, sandwiched between Brick Lane and Commercial Street among a handsome red brick Victorian shopping parade and directly opposite the glorious façade of the former Moorish Bazaar.

    Beyond that the area needs almost no introduction, the beating heart of creative London and the birthplace of almost every modern fashion movement. It’s a unique combination of rich trading and manufacturing heritage that’s now home some of the most forward-thinking minds and enterprises on the planet, not to mention an extraordinarily vibrant street life with hundreds of independent shops, cafes, bars and restaurants.

    Just a few minutes walk away is Spitalfields Market, another slice of incredible local architecture and given a radical modern intervention by Foster & Partners adding more retail, office and restaurant space to the unique environs of the old Victorian market hall.

    Getting here is a breeze, with National Rail, Underground and Overground trains all stopping nearby – stations include Aldgate, Aldgate East, Fenchurch Street, Shoreditch High Street and the major terminus of Liverpool Street, itself set for even greater things with the arrival of the Elizabeth Line in 2018.

    The Author

    Richard Silver
    020 7101 2020
    07980 205 293
    Richard.Silver@colliers.com
  3. May 2017

  4. Fit for a King

    30 May 2017
    With an increasingly broader occupier base, Midtown is now becoming one of the most diverse of the London submarkets, where a mixed economy and environment has proved attractive to many small and medium-sized organisations who wish to embrace the vibrancy of Covent Garden and Holborn.
    As the district continues its exciting evolution, we’re seeing a trend of demand from occupiers seeking contemporary, efficient floor plates at a moderate discount to core West End locations – something that LPK Shipping has taken advantage of by taking 5,500 sq ft (7th and 8th floors) at 77 Kingsway, Holborn WC2. 
     
    Following a comprehensive refurbishment by LaSalle Investment Management, 77 Kingsway has been carefully recrafted to meet the needs of the modern business. In addition to an elegant new reception area and contemporary office floors, the building also boasts new VRF air-conditioning, suspended LED lighting and a stunning roof terrace. Bike racks and showers have also been installed – a must have for today’s office occupier. 
     
    The property has a prominent position on Kingsway, benefitting from close proximity to Holborn and Covent Garden tube stations but what’s really special about the location is the juxtaposition of boutique hotels, artisan coffee houses and bustling bars.
     
    Already well-positioned within a short walk of speedy transport hubs, the building is soon to benefit from the arrival of Crossrail at Tottenham Court Road Station in 2018 which is sure to only enhance the building’s ever growing appeal. 
     

    The Author

    Richard Townsend
    02074871759
    07787153408
    richard.townsend@colliers.com
  5. Moving in together

    24 May 2017
    It’s no secret that collaboration in the workplace is essential in cultivating a happy and engaged workforce and we are delighted to have helped leading alternative investment firm, EQT find a space at Thirty Broadwick that has enabled them to do just that by combining their two existing premises under one roof to provide their employees with a space that enables them to work more effectively together and drive success.
    Thirty Broadwick Street is a 92,300 sq ft office and retail development situated in the heart of Soho, surrounded by thriving restaurants and bars.

    Designed to a 1:8 sq m occupancy, the building provides 75,000 sq ft of air conditioned offices arranged over the first to sixth floors, with terraces on the fourth, fifth and sixth floors. There are 138 secure cycle spaces, together with showers and lockers, at basement level.

    In addition to acquiring EQT’s new London home we also successfully disposed of their two existing premises at 5 Golden Square and 15 Golden Square, within two months’ of them relocating, assisting them every step of the way following their decision to move. 

    The Author

    Katrina Love
    02074871722
    07826551918
    katrina.love@colliers.com
  6. Hidden extras: sleek new offices at back-to-back Clerkenwell buildings

    22 May 2017
    This extensive refurbishment of twin 1980s office buildings in a prime City Fringe location at 52-54 St John Street now provides 12,340ft2 of upmarket office and showroom space.

    The development by Columbia Threadneedle is to a design by architects The Manser Practice. Their idea of relocating the lift core increased the amount of lettable space while the creation of a new glazed courtyard on the ground floor now connects the front and rear buildings which were formerly only linked at basement level.

    The façade facing St John Street has been substantially redesigned with new glazing and illuminated canopies, with the original brickwork now painted dark grey giving the building a resolutely contemporary appearance. 
    A fully remodelled and striking new reception greets visitors with a feature wall in reclaimed timber and a sleek ceramic floor, setting the tone for an interior design that reflects the character of Clerkenwell’s industrial heritage and modern creative renaissance. VRV comfort cooling, oak strip floor finishes within the offices, perimeter trunking, strip & pendent LED lighting and exposed steel work and services deliver all the required ingredients for a cool City Fringe workspace.

    Rental options are numerous. The building at the rear provides 4,355ft2 of office accommodation split over ground, first and mezzanine level and must be let its entirety. The front building totals 7,985ft2 and consists of showroom space on the ground and lower levels with five floors of office space above – this section can be let in its entirety or on a floor-by-floor basis.

    Of course, a company may choose to take the whole scheme as a truly remarkable London headquarters.

    52-54 St John Street has a new passenger lift, showers, changing rooms and & cycle store facilities and has a location on the east side of St John Street between Charterhouse Street and Clerkenwell Road. The historic Smithfield Market is very close by and the immediate locale is full of fashionable bars and restaurants. Farringdon Station, just 5 minutes’ walk from the building, will soon become one of London’s main transport hubs, with Crossrail, Thameslink and London Underground all passing through it.

    For more information or to arrange a viewing appointment, please contact…

    The Author

    Emma Higgins
    0207 101 2020
    07769 605 295
    emma.higgins@colliers.com
  7. Park Life

    18 May 2017
    Devonshire House is a substantial landmark building above Green Park tube station with views over The Ritz and Green Park.
    Acting on behalf of the owners, Ponte Gadea, we have provided design advice on the refurbishment of the vacant space on part first floor as well as the 8th, 9th and 10th floors. The main entrance has also been refreshed in order to maintain the strong rental levels that this building is renowned for. 

    The refurbishment works are not due to complete until September, nonetheless we have managed to secure a tenant for approximately 8,000 sq ft on the 8th floor overlooking Green Park, paying a rent of £120 psf which is a record rent for the building.

    We are guiding rents from £110 psf for the reminder of the offices, available in suites from approximately 2,000 sq ft. 

    The Author

    Willem Janssen
    +44207 487 1707
    +44779 368 3838
    willem.janssen@colliers.com
  8. The London Landlord – your new flexible friend

    18 May 2017
    With strong and stable Government a thing of the past and the brexit negotiations in full swing, one thing is certain, uncertainty is still very much here to stay. Despite the momentous political events that keep coming thick and fast, office occupiers in London, many of whom have put off relocation plans in light of recent events, are now finding that with lease expiries coming closer, there is no further time to delay property moves.
    That said, flexibility remains the key watchword. The serviced office sector, with the likes of WeWork continuing to expand and Blackstone and British Land both wading in to the workplace solutions pool, can provide adaptable space  to smaller occupiers as well as blue chip corporates seeking more adaptable space overflow space. However, the option is not an inexpensive one and many ‘traditional’ office occupiers still cling to the established landlord / tenant relationship. 

    The changing economic environment and the growth of more flexible workspace possibilities certainly appears to be influencing negotiations in terms of lease length and more importantly, break options. The average period to the first break has fallen to a record low across London and three and five year breaks are now very much the norm. Those occupiers prepared to commit to a 10-year term certain are now in the minority. 

    That said, those who are prepared to look beyond the short term horizon and see through the brexit mist, will be able to obtain favourable terms from landlords with competitive rents and healthy incentive packages. Lease lengths have been steadily falling over the past 20 years and with serviced office providers accounting for 20% of take-up across London in 2017 to date, the downward pressure is continuing to build.     

    For further information, view our latest research report here.

    The Author

    Guy Grantham
    +44 20 7344 6793
    +44 779 596 3710
    Guy.Grantham@colliers.com
  9. Perfect pitch: final unit at prime Kings Cross office refurbishment

    16 May 2017
    The B2B technology PR agency CCgroup has taken the 3rd and 4th floors at 207 Kings Cross Road N1, securing a striking office space of 3,331ft2 with a double height void and private roof terrace.
    Already based in London, CCgroup is relocating from its current offices on North Gower Street in Euston. The company has been involved in the Mobile & Telecoms industry since its founder helped launch Vodafone in 1985 and has since gone on to represent major retail & banking technology brands, building an expertise in the FinTech and Business Technology sectors as well as launching a CleanTech division in 2012. 

    207 Kings Cross Road is designed by architects Stiff & Trevillion Architects and the let to CCgroup means that just one unit remains, the first floor space of 2,654ft2 available at an annual rent of £65per ft2.

    The development is a stylish refurbishment of an existing building set right in the beating heart of the newly regenerated King’s Cross district, an ever evolving hub thriving with creative businesses, galleries, performance venues and public squares. The location at the junction of King’s Cross Road and Pentonville Road is surrounded by coffee shops, restaurants and bars that enhance the working environment, with the vibrant Pancras Square, Granary Square and Kings Place all just a short walk away providing a gamut of cultural and culinary fulfilment along the Regent’s Canal.

    Outside, the building’s newly refurbished exterior features painted black brickwork, new double glazed windows and a limestone finish at ground floor level, while facilities for tenants include showers, bicycle storage, passenger lift, entryphone system, 24/7 security and a new reception with polished concrete floor and timber walls.

    Carefully chosen office specifications include air conditioning throughout, timber floors, suspended lighting and that all-important factor of plentiful natural light form large banks of windows stretching the full length of the street-facing walls.

    Other confirmed tenants at 207 Kings Cross Road include independent management consultancy The Foundation and online performance marketing company Uber Interactive.

    Transport links are excellent. There are buses almost everywhere and King’s Cross St Pancras is the biggest interchange on the London Underground network with six tube lines: Circle, Hammersmith & City, Metropolitan, Northern, Victoria and Piccadilly. Within walking distance are three major London rail termini – St Pancras International, Kings Cross and Euston – that, between them, provide direct connections to pretty much everywhere north of London along with mainland Europe. 

    The Author

    Richard Silver
    020 7101 2020
    07980 205 293
    Richard.Silver@colliers.com
  10. Pretty, vacant and newly made-over: Cult Beauty’s new garden office

    15 May 2017
    The element of surprise isn’t necessarily a daily occurrence, but finding a huge industrial space behind an archetypal Georgian house on a typical Islington street certainly counts as unexpected.
    This remarkable office at 46 Colebrooke Row N1 runs to almost 8,000ft2 and manages to be both classically industrial yet unusually domestic in character. Huge industrial windows and loading bay doors onto the building’s sizeable and shared rear garden deliver a fiercely urban interior offset by an almost residential space to relax outside. It’s a singular offering that was always going to attract an image-conscious enterprise, but perhaps one with a more personal rather than business client base. How perfect then, that it should go an online cosmetics store.

    Cult Beauty set out its stall by curating a collection of cosmetics and products reviewed through both consumer trials and by a panel of experts from the beauty industry including journalists, makeup artists, stylists and practitioners. The company has built a huge following – 117,000 followers on Facebook and 275,000 on Instagram – in its mission to “demystify the beauty industry” to give its customers confidence in everything they buy rather than end up with a bathroom cabinet stuffed with discarded disappointments. 

    46 Colebrooke Row is a newly refurbished building with an abundance of volume and natural daylight throughout. The garden floor includes a number of built in meeting rooms with clear glass walls along with a rugged shell of white painted concrete and brickwork, suspended LED lighting, galvanised trunking, air conditioning and a fully tiled raised metal floor.

    The location is at heart of Islington, directly opposite the greenery of Duncan Terrace Gardens in a prime and peaceful spot that’s just 3 minutes walk from Upper Street and 6 from Angel tube. 

    The initial rent was agreed at £47.50 per annum.

    The Author

    Ricky Blair
    020 7101 2020
    07961 104 125
    Ricky.Blair@colliers.com
  11. Today’s office occupier

    11 May 2017
    After acquiring 20 St Andrew Street for AXA and Morgan Capital Partners in 2015, we knew that our work wasn’t done. With the evolution of the office continuing apace and the list of tenant requirements growing ever longer, in order to truly unlock this building’s potential, we needed to modernise this tired 1980s vacant office building to ensure that it would meet the demands of today’s office occupier.
    Following our advice in relation to development and design, the property has been subject to a ground up transformation with a realigned lift core, the addition of a brand new 9th floor as well as new ground floor access plus a retail unit which is currently under offer to an artisan coffee shop all of which will help to further promote the building to tenants. 

    As the health & fitness trend booms, cycling facilities have now become a must have in all new office buildings and 20 St Andrew Street doesn’t disappoint and we have provided an extensive area for 90 cycles, 90 lockers as well as separate high quality male and female showers and changing rooms.  

    Now comprising some 58,000 sq ft with terraces on level 6 and above, the building has been transformed into a first class place to work and is attracting tenants from Midtown and Farringdon, not only because of its impressive renovation but also because it will benefit from Crossrail, which will be accessible within a 6 minute walk. 

    We are delighted to have already secured two tenants on the first and the sixth floors (who have signed 10-year leases and are paying rents of mid to high £60s psf) and we are also in discussions with a number of other parties but still have space available on a floor by floor basis.

    If you think 20 St Andrew Street could be your new home, then please don’t hesitate to get in touch. 

    The Author

    Willem Janssen
    +44207 487 1707
    +44779 368 3838
    willem.janssen@colliers.com
  12. Original archetype: warehouse office at pioneering City Fringe building

    10 May 2017
    If you’re looking for a list of authentic loft essentials in your next choice of workspace, the interiors at 8 Shepherdess Walk have everything required to achieve the quintessential urban office.
    Grit blasted brick walls: check. Raw timber beams: check. Chunky iron pillars: check. Huge warehouse windows across three elevations: that too. And there’s a whole host of contemporary touches as well with air conditioning ducts and services running overhead in galvanised metal troughs; ceiling mounted LED lighting with exposed conduit; power sockets recessed into the floor and a good size full kitchen with cupboards in white high gloss and woodblock surfaces and breakfast bar.

    Ostensibly open plan, this first floor space extends to 2,760ft2 and also features in-situ meeting rooms as part of the fit out. Facilities within the building include a passenger lift, showers and male & female WCs.

    Shepherdess Walk maintains a special place in renaissance of Shoreditch and the City Fringe as one of the original streets that saw warehouse workspaces first take hold and that really put Hoxton on the map as a place to live, work and play.

    The location is just 6 minutes walk from Old Street roundabout where Underground, National Rail and bus services connect to much of London, making this an easy place to get to and from with Clerkenwell, The City, West End, Islington and Kings Cross all readily accessible. 

    The collection of places to eat and drink in the vicinity is now legendary with food from all around the world, creative cocktails, craft beer, gourmet coffee and almost every type of breakfast, brunch, lunch and dinner available. The daily street market at Whitecross Street is a real favourite among workers and locals, while the new retail and restaurant boulevard at The Bower has become an instant hit.

    The Author

    Alexander Howarth
    0207 871 7430
    07841 514264
    alexander.howarth@colliers.com
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