There's room at The Loom5 April 2019We've written about this imaginatively converted Victorian wool store in Whitechapel on a number of occasions, most recently when the building reached fully let status towards the end of last year. It's an incredible reworking of the building by Helical to a design by Joe Morris Architects.We are now offering a space of 1,414ft2 on the 3rd floor that has been fitted to a high quality plug & play standard. Incorporating a large open plan workspace with an integrated private office behind glazed factory-style walls, the unit is furnished with flair with slate coloured workstations, black desk chairs, and timber meeting tables, a Scandi-design breakout area and a kitchenette with Bosch appliances.The office presents as an all-inclusive solution for businesses looking to manage their cash-flow without a large capital outlay. With flexible lease terms beginning at just one year, the monthly outgoings include rent, businesses rates, service charge and building insurance.The flexibility of term also includes the ability to move spaces within the building and to expand or contract whenever is right, subject only to availability at the time.The Loom is an eye-catching and imaginative transformation of industrial-era architecture that has successfully paired the building’s original fabric with a contemporary aesthetic in a way that is remarkably simple yet strikingly effective. Grit-blasted brickwork is a running constant both inside and out and is augmented with new and old metal and timber in gun metal grey: a palette that is equally bold and restrained.The Loom is a sociable, secure and well-equipped building with networking events and spaces for collaboration along with 24-hour security, daytime receptionist, a choice of high-speed fibre providers, cycle storage, shower facilities and lockers.Whitechapel has successfully extended the City Fringe eastwards and placed itself squarely inside as a destination location for creative enterprises. Alongside a number of renovated industrial buildings synonymous with the area’s textile industry past, new apartment buildings and multiple modern retailers, coffee shops, bars and restaurants have swiftly expanded the local scene into a comprehensive offering of new local favourites for workers and residents.While existing connectivity was already good with Whitechapel, Aldgate & Aldgate East Underground stations, things are set for a major leap forwards when Crossrail's Elizabeth Line opens later this year with up to 24 trains an hour running direct to Farringdon, Paddington, Heathrow and Reading in the west, and Canary Wharf, Abbey Wood and Romford in the east.
Working on water: two office spaces in former factory on Wenlock Basin1 April 2019The rejuvenated City Road corridor has really matured of late and is now a thriving quarter of retail, residential and commercial occupiers that connects two of the best scenes in London: from the terraced pavements, high street shopping and global dining scene of Islington's Upper Street, to the artisanal eateries, coffee shops and cocktail bars that populate the streets of Shoreditch.Just off City Road on Wharf Road is Waterside, a cluster of Victorian factory buildings that now offers creative workspaces in a convivial setting. The environment is deliberately engineered toward interaction between tenants, helped by a location on the banks of the Wenlock Basin: the people working here regularly sit by the quay for lunch or informal meetings.We currently have two offices to let at Waterside - one of 570ft2 on the lower ground floor and one of 668ft2 on the 1st floor - both with plenty of original fabric on show including grit-blasted brickwork and industrial crittal windows. Each interior includes new engineered oak floors, a kitchenette in white high gloss, contemporary lighting, either recessed or suspended, and self-contained WCs. The spaces are available to rent on flexible lease terms from 12 months upwards.Outside, the industrial heritage is very much on display with original brickwork, cobblestones and steel cranes alongside a modern decked terrace for occupiers to enjoy. An additional treat is the on-site Pedlar cafe - something of a hidden London gem - serving coffee, cakes and sandwiches both inside and out in the courtyard.Numerous contemporary art galleries are located nearby including Victoria Miro, Artspace, Arcade, BEERS and Eight Eighty. These lend a general sense of creativity and inspiration to a neighbourhood which is about to improve yet further with the upcoming transformation of Old Street Roundabout into a new public piazza.It's also a well connected spot with Old Street and Angel stations with walking distance, plenty of buses stopping nearby and Cycle Superhighway 1 just metres from the Waterside development, where of course there is plenty of parking for bikes.
Fleet Street looks to the future29 March 2019Ever since London's first daily newspaper, The Daily Courant, was published in 1702, Fleet Street has been synonymous with the British press: almost every national newspaper was headquartered here for most of the 20th Century.The end of an era was signalled with News International’s move to Wapping in 1986. Although the last newspaper didn't leave until 2016, and while Fleet Street may have shed its reporters, the Mid Town location remains a bustling one as London's legal quarter. Sandwiched between the Royal Courts of Justice and the Old Bailey, the pavements still team with scurrying barristers.However, outside of law firms Fleet Street and Mid-Town were largely ignored as a potential office location, but a revival is well underway with companies from across the commercial spectrum awakening to the strategic, convenient and lively position.Saatchi & Saatchi surprised the market when they relocated their London headquarters to Chancery Lane in 2017. Dubbed an unlikely move for an advertising agency, a glance at the map shows what a canny decision it was. Connecting the fashion brands of the West End, the creative & tech scene of the City Fringe, and the financial powerhouse of the City, Mid Town is uniquely placed between them all.The western end of Fleet Street forms part of the Northbank Business Improvement District whose public realm and environmental improvements have generated over £1million in extra local revenue since 2013, and attracted some £40m in upcoming investment.Significant commercial development is also on the horizon with Freshfields and Goldman Sachs vacating their buildings and relocating. The run along Fleet Street will soon be transformed with redevelopment of Fleetbank House, 65 Fleet Street, River Court and Peterborough Court all due to be activated by the City paving the way for over 1.25million ft2 of new office space, dramatically increasing the number of people and businesses in the neighbourhood.In addition, the City intends to promote the main thoroughfare from St Paul’s Cathedral along Fleet Street by improving the quality of retailing provided, the retail environment and experience. Their focus is on encouraging new retail development and will give shops with A1 uses priority, thus enhancing the existing retail provisions. They aim to protect existing retail facilities and maintain the scattered distribution of convenient local services. Focus will also be on improving conditions and accessibility for pedestrians and encourage movement between retailers.One last factor often forgotten about Fleet Street is just how close it is to the South Bank. A delightful ten-minute walk across the Thames over nearby Blackfriars Bridge, London’s cultural belt (and indeed former home of Saatchi & Saatchi) is alive with a litany of Londoners’ favourites including Tate Modern, Borough Market and the National Theatre.If developers or office tenants haven’t snapped up the opportunities on Fleet Street by now, they may well be too late… this street is sure to make headlines!
Close Brothers advance to Mayfair22 March 2019After receiving competing offers from organisations in the financial sector, we have agreed the letting of the third floor at 55 Grosvenor Street to the UK merchant bank Close Brothers on behalf of our client Capital and City.In the heart of Mayfair at the corner of Grosvenor Street and Davies Street, this newly refurbished office was always assured a high quality audience, but the securing of a blue chip company of the calibre of Close Bothers represents a particularly excellent result - and something of a coup - for both landlord and tenant alike.The space that Close Brothers have chosen for their new West End operation extends to 4,400 ft2 of comprehensively refurbished office space in an exceptional and surprising building behind a lovingly preserved Georgian facade: Portland stone, London bricks and a tall mansard roof give nothing away of the boutique office building within with facilities including a refurbished reception lobby, 2 x 9 passenger lifts, shower facilities and cycle parking.With one of the most desirable locations in London - rubbing shoulders with Claridges, Le Petit Maison and The Connaught - 55 Grosvenor Street’s blending of original character and a contemporary specification seems a perfect fit for Close Brothers: the group’s tagline, Modern Merchant Banking, neatly encapsulates the idea of an innovative operation within a long-established environment.
Last post: Old Sorting House letting marks final milestone in building’s evolution20 March 2019The recent letting of Old Sorting House, N1 to one of the biggest disruptors in the medical sector - the online doctors surgery Zava - marks not only the final milestone in the building’s evolution, but also the end of a four-year journey for the Colliers City Fringe Team and their involvement with a historic piece of Islington real estate.The origins of the Old Sorting House reach back to the 1850s, when the Post Office sought new premises within the Angel area. Finding few opportunities among existing buildings, the Post Master General decided they should build their own and a walk through the vast hall provides compelling evidence as to the scope of operation provided by the Victorian-era postal service.Our connection with this local landmark goes back to the autumn of 2014 when we sold the site to North Hill and helped them explorethe building’s development potential. One successful planning application later and we sold the building on to Chelsea-based developer Martin’s Properties in 2016.Works then began on a comprehensive redevelopment including a brand new pitched roof, new internal floors and a new-build side extension. Completed in late 2018, Old Sorting House now houses over 20,000 Ft² of remarkable office space over four storeys, from lower ground to second floors.Working very much with the original Victorian fabric, the interiors get progressively more architectural as you ascend. Beginning with exposed brick and sash windows at the bottom, the building culminates in an astonishing top floor with roof lights running the length of the roof apex and twin walls of glass opening out to spacious terraces.It's a truly extraordinary space for a business to occupy, and the let to Zava matches the shared innovative cultures of developer and tenant.Zava has swiftly grown to become the largest digital healthcare provider in Europe, dispensing over 2 million treatments since 2011. Headquartered in London, Zava operates in six different markets - the UK, France, Germany, Switzerland, Austria and Ireland.Already based in Angel for some time, Zava was keen to find a new home nearby to carry out its expansion plans with minimal disruption to the commutes or local familiarity of the workforce.Old Sorting House was the perfect candidate.
Original archetype: warehouse office at pioneering City Fringe building19 March 2019If 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.Ostensibly open plan, this first floor space extends to 2,846 ft2 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 5 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.
Independents' Day13 March 2019The area in London’s Camden around the Regents Canal has for many years been associated with creativity and independent thinking. Camden Lock Market is renowned for its eclectic mix of fashion and food. Channel 4 was born at ‘egg cup house’ on the canal and broke the mould of TV in the UK, while legendary music venue, Dingwalls, was one of the crucibles of punk rock.
Now, Labtech is planning a suitably revolutionary new market destination for shopping, eating, living and working at Hawley Wharf Camden. This extraordinary scheme comprises 150 stores, three rooftop restaurants, more than 60 new places to eat and drink together with 60,000 sq ft of LABS co-working space and 200+ apartments.
There are already about 28m people who visit the Camden Lock area each year, but a large proportion of those are tourists. With Hawley Wharf, Labtech want to create a destination that will also draw Londoners again and again.
The retail and F&B emphasis will be on originality and freshness. The developers are extending this ‘thinking outside the box’ to the lease terms which it’s envisaged will comprise a minimal or no base rent with the majority of the rental income being linked to the retailer’s turnover in the store. This is extremely attractive to start-ups and brands exploring new markets as it minimises their financial risk of taking a shop. Conversely, if they end up trading tremendously well, it provides enhanced income for Labtech.
This alignment of interests between property provider and occupier will become increasingly commonplace in the retail and F&B sectors and the Hawley Wharf project will be a fascinating test bed for this – as well as creating a brilliant new destination in London.
For further information, visit http://hawleywharfcamden.com or contact us at firstname.lastname@example.org
Opportunity and occupancy in WC111 March 2019The Emerald Street Estate isn't really what you'd expect from Bloomsbury. In an area mostly associated with Georgian garden squares, Dickensian streetscapes and the hordes of the British Museum, a clutch of warehouses is something of a surprise.Robust architectural mementos of British mercantile heritage, these stout industrial buildings have been reimagined as atmospheric workspaces with authentic interiors of grit-blasted brickwork, renovated crittal windows and an all-around rugged aesthetic. Among the gathering of creative enterprises, Emerald Street is home to Portas, the brand consultancy founded by Mary Portas.We've had a flurry of recent activity on the street with a series of units becoming available and occupations across a number of buildings. At the Victorian-era 14-18 we completed a letting of the ground floor to Troy Planning and Design. Specialising in strategic and community planning in the public and private sector, the company has UK offices in London, Manchester and Hampshire along with international locations in Portland, USA and Amsterdam in The Netherlands.At 17-21, we let a light and bright plug & play space of 7,95ft² on the third floor to Senbla, a concert promotion and production company that arranges shows and national tours across the UK including films with a live orchestral accompaniment alongside gigs and musicals.In addition, we have just commenced marketing on the 1st floor at 17-21 which allows for a fantastic open-plan unit measuring 1,849ft² which has been fitted with a meeting room and kitchenette. The unit boasts generous amounts of natural light and has retained its original timber wooden flooring throughout.Finally, at 10-12 we are marketing another third floor space in an art deco building, this time of 9,56ft² with high ceilings, engineered oak floors, a meeting room behind a glass curtain wall and a seriously smooth charcoal coloured kitchen. The quoting rent is £49.50 psf.Emerald Street is well placed for Russell Square, Holborn and Chancery Lane Underground stations alongside the food, culture and shopping of the nearby Brunswick Centre and an easy walk into Clerkenwell or Covent Garden.If you'd like to find out how Emerald Street could work for your business, please contact Sarah Hill in the City Fringe team.
British clothing label collars new HQ4 March 2019We have just completed the letting of the entire first phase at EWR on Parr Street, N1 to the fashion house JW Anderson.Founded by Northern Irish designer Jonathan Anderson in 2008, the label's rise has been swift. Its idiosyncratic perspective quickly grew beyond its early cult following and resulted in the luxury goods conglomerate LVMH taking a 46% stake in 2013. Today, JW Anderson has a achieved international renown along with a tenfold increase in annual turnover. Among its many accolades are the double win of Menswear and Womenswear Designer of the Year at the 2015 British Fashion Awards.The label has relocated from its former headquarters in Dalston where it had occupied 4,000 ft2 since 2014. The move to Shoreditch and into 12,000ft2 across the first to fourth floors will allow the company to expand its operations across the board.EWR is part of a new creative neighbourhood for Hoxton that bridges the Regent’s Canal and connects the dots between City Road and Essex Road. Already home to fashion houses and tech venture capitalists, the area surrounding Shoreditch Park is becoming a magnet for businesses seeking a city fringe location and excellent value for money.Designed by Buckley Grey Yeoman and developed by Aitch Group, this brand new building takes its cue from an industrial aesthetic with plenty of concrete and crittall, but the scheme is elevated with elegant interiors and an arresting reception. The effect is delivers a great first impression alongside a warm welcome that continues throughout, with strong, bold and carefully proportioned spaces offering a comfortable and productive environment for the people working there.Parr Street is roughly ten minutes’ walk from both Old Street and Essex Road stations, so well connected for tubes, trains, buses and cycle paths. It's also an stroll into Shoreditch, Clerkenwell, Islington and The City for lunchtime or after-work retail, dining and drinking therapy.Phase 2 of EWR is due to complete this summer and will provide a fully self-contained 10,000ft2 duplex unit across the ground and lower ground floors. If you'd like to discover how the building could work for your business, please contact Elliott Stern in the City Fringe team.
Bowing to demand: landlords respond to flexible workspace trend28 February 2019The trend towards flexible leasing shows no signs of abating as the average lease length across London continues to fall and the average period to the first break clause now at a record low of just 3.2 years. The trend suggests occupiers are increasingly focussed on wider events such as Brexit, as well as the need to build contingency into lease commitments, albeit at increased financial cost.It is no secret that the monthly cost of a co-working space can be 2-3 times that of a conventional lease, but the removal of upfront security deposits and fit out costs - along with the easy exit options afforded by serviced office models- are proving more than enough to woo tenants in droves.At the other end of the spectrum, there remains a market for newly refurbished, Category A specification space, although mostly in the 5,000 sq ft+ bracket. On smaller unfitted units landlords are experiencing longer void periods, but there will always be exceptions to the rule and established businesses are more likely to take a conventional lease and undertake their own bespoke fit out.But what about the middle ground? While almost every business would jump at the chance to reduce its upfront capital expenditure, not all companies want or suit a co-working environment. Yet the need to remain agile is making firms sensitive to the commitment of 5 or 10 year leases.For the majority of enterprises seeking to relocate, the desire is to complete the legal process and move as quickly as possible. Factoring in half a year (or more) for lengthy tenders, interior design conversations and fit outs just doesn’t really fit the model for many modern firms.Responding to the shift towards flexible workspace, some pro-active landlords are seizing the opportunity to bridge the gap between the extremes of CAT A and co-working, with the prospect of not only retaining an audience, but of reducing voids and shortening rent-free periods given at the start of a lease.There are now a growing number of case studies to support the benefit of recycling existing fit outs and undertaking new ones on a speculative basis. A prime example of the former is 77 Kingsway where we had two units to offer: the fifth floor refurbished to a CAT A specification, and the first floor with the previous tenant’s fit out in situ. While the fifth floor was let to an architectural practice looking to put their own stamp on the space, the first floor received a light touch refurbishment and the addition of some new furniture. The rents achieved on the floors were aligned, but the cost of refreshing the existing fit out on the first floor was around a quarter of the cost of returning the fifth to Category A. Along with the reduced void and rent free period on the first floor, this reflected a great result for the landlord.In the main, landlords are far better placed than tenants to undertake a fit out, both in practical terms and in securing lower costs. Delivering plug’n’play spaces removes the demand for lengthy rent-free periods and allows tenants to move in immediately. While it does force the Landlord to second-guess how a prospective tenant might want to design their space, the fitting out costs are covered by a combination of shorter rent-free periods and a small rental premium of around £5-10 per sq ft. Equally favouring both landlord and tenant, it's a win-win situation for everyone.
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