Commercial Blog January 2018 - Colliers International | London

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  1. November 2017

  2. Don’t show me the money: GoCardless acquires 25,000ft2 in Clerkenwell

    17 November 2017
    The Colliers Tenant Representation team has just helped GoCardless in its relocation to Clerkenwell with the acquisition of 25,000ft2 at Sutton Yard, a striking 77,500ft2 refurbishment on the site of an old varnish works just behind Goswell Road.
    GoCardless has taken a self-contained office over three levels – ground, 1st and part 2nd floors – that will give the company its own entrance and an impressive welcoming point for clients. The GoCardless workforce, meanwhile, will be based in the 16,000ft2 open-plan first floor space.

    The move represents a continuation of the relationship between Colliers and GoCardless that began around 3 years ago when the Tenant Representation team helped the company find its previous 7,500ft2 premises in Angel.

    Sutton Yard is set in a private courtyard with impressive gates just north of Goswell Road’s junction with Clerkenwell Road and Old Street. It’s a place of expansive, open-plan and light-filled spaces with plenty of raw concrete, metal and exposed details punctuating the minimalist interiors, lending the design a modern-industrial edge. 

    The letting to GoCardless leaves just one last remaining space at Sutton Yard with 11,500ft2 available up on the 4th floor. 

    Founded in 2011, GoCardless helps businesses to process recurring payments around the world, and now processes £3 billion in annual transactions for over 30,000 organisations.

    The relocation to Clerkenwell comes after a recent successful funding round which saw GoCardless raise £16.6million, bringing the total amount raised by the start-up to £34.9 million with some of the world’s leading investors backing the firm including Balderton Capital, Accel Partners, Notion Capital, Passion Capital and Y Combinator.

    The Author

    Sophie Higgins
    020 7101 2020
    07786 510 974
    Sophie.Higgins@colliers.com
  3. Fully booked: all units let at hi-tech reinvention of Euston railway buildings

    13 November 2017
    Acting on behalf of Aviva Investments, we have now successfully completed the letting of every office at the somewhat sensational refurbishment of the former Railway Clearing House at 163-203 Eversholt Street in Euston.
    Carried out to a design by Hale Brown Architects and shortlisted for the British Council of Offices Awards 2017, the refurbishment of the Grade II Listed parade of elegant Georgian buildings worked hard to retain the many surviving elements of the building’s history – including the existing steel structure, listed iron metalwork and timber tongue & groove boarding– while developing a brand new contemporary aesthetic and specification to add new interest. The result was a striking collection of sometimes breath-taking office spaces.

    About half a mile from Kings Cross and St Pancras International, 0.3 miles from Euston station and 4 minutes walk from the southern end of Camden High Street at Mornington Crescent, the buildings would be hard pressed to be more accessible and are surrounded by some of the most vibrant, diverse and cultural locations in Central London from Camden and Covent Garden to Fitzrovia and the West End.

    163-203 Eversholt Street will be welcoming as its new occupants: Total UK Ltd, the UK marketing and services subsidiary of global energy giant Total Group; international media distribution agency DHX worldwide (who have just signed Amazon’s largest ever agreement); Junifer Systems, suppliers of billing and customer information systems to major utility companies across the world; and Piriform Software, creators of flagship tools like CCleaner and Defraggler for cleaning up, maintaining and restoring desktop and mobile devices.






    The Author

    Ricky Blair
    020 7101 2020
    07961 104 125
    Ricky.Blair@colliers.com
  4. Colliers takes 48% of City Fringe office market

    10 November 2017
    Driven by massive demand and an equally mammoth black hole in supply, Q3 of 2017 was an extraordinary three months where a high volume of transactions on smaller office spaces drove our performance to 34 deals, amounting to a total disposal of 149,512ft2.
    This put us at the top of the EG league table for the quarter, with 12 more deals completed and double the amount of space let than our nearest competitor, giving us almost half the entire share of the City Fringe market.
     
    It was a quarter of stark contrasts, with the lowest level of take-up in more than five years at 240,000ft2 met by the highest level of space under offer for two years at 455,000 ft2.
     
    These conflicting stories reflect two prominent factors: the fundamental lack of existing space that has long been a bugbear of the city fringe office market, and the encouraging amount of new space that is coming up for completion.
     
    As construction works enter the final stages on a series of new developments, and with 70% of those spaces still available, there is likely to be a lot of pre-letting activity at the beginning of next year.
     
    Denied the same quantity of stock as neighbouring markets like the West End and the City core, the City Fringe is somewhat used to its fluctuating levels of take up. But it is this lack of supply and continued demand that has made the City Fringe market so resilient. In fact, compared with other quarters where more supply was available, the level of take-up in Q3 has been phenomenally high.

    As usual, the TMT sector was the major driver in demand, accounting for almost 50% of the deals last quarter. But London’s most successful and progressive market for the past five years continues to evolve, and as it does so there is ever-increasing interest from more conventional operators, most notably in the professional and financial worlds.

    It seems as though everyone wants a piece of the City Fringe and, in 2018, a lot more of them will finally get it.

    The Author

    Shaun Simons
    020 7101 2020
    07788 423 131
    Shaun.Simons@colliers.com
  5. A new recruit’s first month at Colliers

    1 November 2017
    I don’t mind saying that joining a company the size of Colliers after working in a small City agency for 14 months did come with some level of trepidation alongside the obvious excitement of joining a global enterprise. The size of the City Fringe team alone is almost 5 times bigger than the entire workforce at my previous company, let alone the total number of people working for Colliers across the UK and around the world.

    I came to join the Tenant Representation team, acting for tenants in their search for new premises and working on their behalf to get them the best deal. One of the things I really enjoy is the initial meeting with them to find out more about their culture, their requirements and how they need to use a space. That’s followed by sourcing potential offices or showrooms from what is either already available or by uncovering off-market opportunities, and then honing that down to a list of places to view.

    Something I noticed immediately here is how Colliers is a natural first choice for people to contact. Whether they are a developer looking to market their new building, or a landlord with an existing space, or a tenant on the hunt for their next premises, Colliers is a name they all know and respect.

    Another huge difference is in the amount of property I get to see and the quality of it, as though someone pressed the ‘First Class Upgrade’ button. The level of design and specification in many of the spaces and buildings are truly incredible and far higher than what I used to see, so I now understand why image-conscious tech and media firms are so drawn to Colliers when searching for their next office or showroom. 

    My own interest in property began when my older brother was studying real estate at university. Seeing and hearing what he was learning sparked something in me and so I went to Westminster University and took an undergrad in Property and Planning and masters in Real Estate Development.

    Coming to Colliers, I realise how much more there is to know! I am surrounded by a lot of extremely capable people and almost any time I overhear someone else’s conversation, I learn something new. It’s full on, all the time, but it comes in an environment that is full of motivated, experienced and accommodating people, which makes coming to work exciting every day.

    The Author

    Dash Boyeva
    020 7344 6623
    07811 111888
    dash.boyeva@colliers.com
  6. October 2017

  7. Get Kreativ in Hackney with a new co-working space

    23 October 2017
    Co-working space has become a stalwart of the Shoreditch and Clerkenwell office market with creative companies and freelancers wooed by the easy budgeting, sense of community and collaborative opportunities that these sociable, fun and ever-more inspiring environments deliver.
    An office with an EC1 or EC2 address does, of course, come with a commensurate price tag, but entrepreneurial providers of co-working space are now taking the concept to adjoining neighbourhoods to provide a cost-effective but equally exciting alternative.

    Kreativ House is one such provider and has recently opened up right in the middle of Hackney E8 at 280 Mare Street, directly facing Town Hall Square. It’s a wonderful Grade II Listed Edwardian building that dates back to 1910 when the Mayor of Hackney laid the first stone at what was to become the Women’s Social Work HQ for the Salvation Army.

    Today, Kreativ House has created a fantastic and beautifully designed environment with workspaces that cater from a single person right up to teams of 40 people, while the ground floor is packed with communal facilities including members café and bar, multiple meeting rooms, showers, a fully equipped photography studio and an art gallery and event space with rotating exhibitions. There’s even a health and wellbeing program including yoga, meditation, talks and workshops.

    Hackney is a great option for a cost-conscious alternative to Shoreditch, with no less thriving a scene but with considerably lower outgoings – approximately 25% lower rents for equivalent space.

    Kreativ House has various options available, from single person pods at £550 +VAT pcm right up to a self-contained floor of 1,500ft2 at £19,000 +VAT pcm. Included within the rent are furniture, utility bills and all the initial set-up and ongoing day-to-day management of premises. 

    Venues like Hackney Picturehouse, Hackney Empire and Oslo ensure plenty of options for a cultural fix after work from the worlds of film, theatre, comedy and music while Hackney’s collection of places to eat and runs from some of the best old-school Turkish cafes to contemporary restaurants, and from craft beer pubs to cocktail bars.

    Hackney is also well connected by Overground at Hackney Central and National Rail at London Fields, with Kreativ House less than 20 minutes from Liverpool Street and under half an hour from Oxford Circus.

    If you’d like to find out more about Kreativ House, please contact the Colliers Flexible Workspace Advisory Team.


    The Author

    Mark Bott
    0207 101 2020
    07879 890 115
    Mark.Bott@colliers.com
  8. Autumnal Acquisitions

    23 October 2017
    More and more businesses are using the services of our Tenant Representation team to take the groundwork out of looking for a new offices or showrooms, with early Autumn being one of our busiest periods yet.
    Looking for a new workspace can be an extremely time-consuming process. From registering with however many agents in the first place, to sifting through the current availability, to going out on viewings and ticking off unsuitable options, it can be a major distraction that takes someone away from their company and workforce for many days, at who-knows-what cost to their business.

    Imagine someone doing all that for you: identifying appropriate buildings; scouring the marketplace for availability; sourcing off-market opportunities; whittling down the prospects most relevant to your brief; carrying out financial analysis; arranging joint inspections and then negotiating the most favourable terms on your behalf – financial or otherwise – for your preferred choice. 

    We’ve worked with companies looking for their very first office, right up to those who’ve been trading for over 50 years: it really doesn’t matter how big or small your company or what type of business it is, the benefits in time alone can be hugely significant.

    This month we successfully acquired premises from 1,500 to 14,000ft2 for a range of organisations across the creative, professional and charity sectors, securing workspaces ideal for their individual operations with minimal time and effort required on their part. 

    As the leaves have been changing we have proudly relocated the following clients:

    52-54 St John Street, EC1: Duplex showroom of 1,500ft2 for Italian furniture company Quadrifoglio at a new Clerkenwell refurbishment. 

    Scriptor Court, Farringdon Road EC1: 2,300ft2 first floor warehouse offices for Instinct PR in a beautifully characterful Grade II Listed parade.

    Suncourt House, Essex Road N1: 4,200ft2 of striking industrial-style office space in Angel for educational technology firm Bridge 4U.
     
    50-54 Clerkenwell Road EC1: 1,700 ft2 2nd floor of beautiful lofty space in the heart of Clerkenwell for growing tech company Bloomreach.

    175 St John Street EC1: Freehold purchase of a 14,201ft2 building in Clerkenwell for children’s charity Place2Be.
     
    If you’d like to take the hard work out of finding a home for your business, contact our Tenant Representation team on 02071012020. 

    The Author

    Sophie Higgins
    020 7101 2020
    07786 510 974
    Sophie.Higgins@colliers.com
  9. Resounding success at Saffron House

    18 October 2017
    The refurbishment of an existing office building on Kirby Street, between Farringdon Road and Hatton Garden, has successfully repositioned the building in the marketplace and resulted in its full occupation.
    Saffron House has been given a new façade, floor-to-ceiling glazing and a re-positioned entrance that has transformed the building’s exterior and creates a bold and welcoming first impression. That continues inside with the reconfiguring of the ground floor to provide a reception area and large communal lounge from where lifts head up to the offices above, opening directly into each unit. 

    A number of recently expired leases brought about 50% of the building back into availability and so three vacant offices were also refurbished as part of the project to a design by the award-winning Ben Adams Architects – a practice based locally in Southwark.

    The offices are flooded with light and have been finished to a high specification that includes new metal tiled raised floors, modern suspended lighting and brand new exposed air-conditioning systems, while the building offers its occupants generous terraces, shower facilities, bike storage and a commissionaire.

    The most recent letting at Saffron House was the third floor that was taken by Cloudreach, an international cloud-computing consultancy that specialises in the planning, implementation and operational support of Amazon Web Services, Microsoft Azure and Google Cloud Platform cloud solutions. The company is relocating from its nearby premises at Relocating from nearby Waterhouse Square at Holborn.

    Taking the first floor space is Product Madness, a leading social casino operator. The brainchild of two game-loving Stanford Business MBA graduates who began by developing casual games for Facebook and mobile devices, the company switched to the social casino genre in 2009 and were acquired in 2012 by Aristocrat Technologies Inc, one of the world’s largest manufacturers and designers of casino slot machines. 

    Most talk about the City Fringe revolves around the creative, tech and media sectors, but there are a number of charities that have made their home in this part of the world and Arthritis UK has taken the second floor at Saffron House. Starting out in 1936 as the Empire Rheumatism Council, the charity began to train doctors and medical students in the 1950s and published its first information booklet in 1956. The work of its flagship research centre, the Kennedy Institute, led to a whole new class of drugs, transforming people’s lives over the past 20 years.

    We wish them all well in their new homes.

    The Author

    Richard Silver
    020 7101 2020
    07980 205 293
    Richard.Silver@colliers.com
  10. Morelands

    17 October 2017
    The refurbishment of two unique office units has just been completed in one of the most enduring City Fringe buildings for contemporary workspace.
    Morelands, located on Old Street close to the junction with Goswell Road, represents both the birth of the city fringe and its constant evolution. Originally redeveloped in 2003 by Derwent London, this once disparate group of warehouses and workshops was transformed into a cohesive early community of creative enterprises across almost 90,000ft2.

    Since then Morelands has seen a rolling refurbishment that ensures it keeps pace with evolving workspace demands, including a recent upping of its cycle capacity to 174 through the installation of new bays. It’s this attitude of careful curating and continuing improvement that keeps Derwent London buildings in continued demand and that is recognised across the industry: this year Derwent London were named Offices Company of the Year at the 2017 EG Awards and won Property Week’s 2017 Developer of the Year award.

    The two newly refurbished units now on offer include 1879ft2 on the first floor and 1959ft2 on the second floor. Both are characterized by a simple palette of whitewashed masonry, galvanised floor tiles, huge industrial windows and ceiling heights up to 3.2m that deliver big, clear, clutter-free volumes uninterrupted by supporting columns and offering complete flexibility in designing and arranging the interior. 

    Contemporary specifications include ceiling mounted flexible track lighting and perimeter air conditioning units in bespoke covers while each unit also has demised WC facilities and capped off services for tea points. Morelands also has shower facilities for its occupants and a 24-hour concierge service.

    Part of the charm of Morelands is the sense of uncovering a secret upon an initial visit. From the street, the classic Victorian facade of red brickwork and stone reliefs offers little clue as to what lies behind the entranceways that punctuate the ground floor retail parade. Yet once into the courtyard beyond, the environment is transformed into a New York-style industrial compound with steel gantries running overhead and connecting the various buildings.

    Another huge draw is the location that is right in the heart of the City Fringe, at the point where Clerkenwell and Shoreditch merge and where Tech City is rapidly delivering the next stage of evolution. 

    Just across the road is Whitecross Street with its now almost legendary daily street food market providing one of the most vibrant and eclectic daytime food options there is. Lunchtime and after-work offerings form a large part of in the reasoning of where people are prepared to work, and it really doesn’t get much better than Shoreditch and Clerkenwell.

    Being at the heart of it all also means excellent communications with Old Street, Barbican and Farringdon stations all within easy walking distance along with many bus routes passing outside.

    The Author

    Alexander Howarth
    0207 871 7430
    07841 514264
    alexander.howarth@colliers.com
  11. Material differences: luxury Marylebone office space with sumptuous finishes

    16 October 2017
    Inside this newly built and rather striking building in a private gated courtyard, we are offering for sale a self-contained second floor office space of 1237ft2 with a truly remarkable level of design and finish.
    Developed by Goldhawk Real Estate, Lisson Courtyard shows a keen eye for one-upmanship against the competition through the use of upgraded materials that elevate the interiors with a lustrous glamour. 

    It’s rare to find such lavish detail in a workspace and the result delivers something of a high-end residential quality that would suit a company looking to portray an exclusive image.

    There’s an arrestingly sleek minimalism at work here with supremely clean lines and nothing on show that doesn’t need to be. And what is on view is relentlessly beautiful with luxury fitted washrooms with walk in showers, a hi-tech kitchen with granite surfaces and integrated appliances, oak wooden flooring and real wood veneer doors. Huge format double glazed picture windows complete the futuristic aesthetic.

    Most of the technology is recessed or completely hidden and includes LED recessed lighting, Control 4 Integrated AV System, data network system, ceiling audio system and concealed air conditioning. Building facilities include lift access to all floors, security alarm systems and BPT video entry system.

    This part of Marylebone has an excellent pedigree in the world of modern art and design, home to the legendary Lisson Gallery whose cutting edge exhibitions have been at the forefront of contemporary art since the 1960s. Alongside have grown up some of London’s most fashionable places to eat, drink and be seen. 

    Marylebone is also one of London’s first urban villages, an authentic neighbourhood of residents and local traders joined by a thriving population of workers across many sectors, drawn by the sheer charisma of the street scene.

    With a location that’s right in the heart of the West End, Marylebone is also perfectly placed for Regents Park, Camden, Kings Cross and Paddington – ideal for businesses with intercity and international connections as well as those who simply want a vibrant slice of London.

    The building is not elected for VAT and therefore none is payable on this purchase. Current usage class is office B1. However, change of use to residential use C3 has previously been granted.

    The Author

    Joshua Miller
    0207 101 2020
    07917 725 365
    Joshua.Miller@colliers.com
  12. Long lease studio office for sale next to The Regent’s Canal

    13 October 2017
    It's an all too rare occurrence to find high quality office space that you can own rather than rent, but at Baltic Place in London's buzzing East End, an opportunity does exist. Directly fronting Kingsland Road at the junction of the Regent’s Canal, this ground floor office studio is for sale on a 993 year lease – an ideal solution for an enterprise looking to acquire an asset as well as premises.
    Extending to 1,479ft2, the unit has a fantastic double-width glass frontage with direct street access and an integral reception area. It’s the perfect place for a business to advertise itself to passers by, with large floor-to-ceiling windows affording visible signage possibilities. Alternatively, the frosted film currently in place ensures privacy while still capturing excellent natural daylight. All the windows are fitted with integral security shutters.
    Primarily one large open space, the office also incorporates a superb private meeting room with a full-height glass wall to the main office space and full-height full-width window to the rear, beautifully offset by a geometric tiled ceiling of anthracite hexagons. 
    The interior has been well looked after by the present occupier and has an excellent specification that delivers a sleek a minimal aesthetic. Highlights include: a smart kitchen built along an entire wall; polished concrete floors with heating beneath; designer WC and shower facilities; modern suspended light boxes; air conditioning with concealed ducts and a useful storage area to keep the main space clear of clutter. The unit also includes one parking space and another is available by separate negotiation. 
    Baltic Place was developed as a mixed-use scheme, providing a combination of residential and commercial units. As part of its sociable context, the building also has a large communal roof terrace for all its occupants to enjoy.
    Just a few minutes walk from Haggerston Overground station and with plentiful bus routes passing the door, Baltic Place is easy to get to and sits in a bustling and thriving neighbourhood offering some of the coolest bars, cafés and restaurants in East London. Local eateries within walking distance along the Regent’s Canal include Towpath Café, The Barge House, Arepa & Co, Proud East, By the Bridge Café and Waterhouse to name but a few. Whatever your taste, you’ll find it well and truly satisfied.

    The office is for sale at £1,150,000.

    The Author

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