130 Wood St1 April 2020A rare city opportunity proves to be just the ticket for overseas buyerFound in the heart of the City and a stone’s throw from St Paul’s Cathedral, 130 Wood Street is close to many of the district’s shops, gyms and restaurants. It was this, coupled with the fact that the property is fully let to four tenants including Buzzacott and Louis Capital Markets that made it attractive to its new owners following a £55 million deal by the City investment team.Directly opposite the popular City shopping destination of One New Change, which also houses Madison wine bar and its spectacular views over London, occupiers are not short of places to spend their lunch break (and pay). Nearby neighbours in this renowned financial district include a range of international firms including Investec, London Stock Exchange and Commerzbank.The Grade A office building provides a total of 57,976 sq ft of internal space across six floors and there are ample outdoor areas that make the most of the views over St Paul’s Cathedral. Occupiers at 130 Wood Street can enjoy not just one, but two roof terraces alongside a first-floor courtyard terrace.The property was acquired in an off-market deal by a Japanese client of Colliers, with the price representing £950 per sq ft.
Coming Full Circle in Paddington16 March 2020After completing the deal within seven days of their first viewing, Moon Intelligence have now moved into their new office in Paddington.Founded in March 2018 by Alexandru Luneau and Sebastian Sabic, Moon Intelligence is a sporting algorithm start-up that sells the data from its sporting events predictions. The firm was operating out of a flat in the Paddington area when they approached us in search of their very first office space.In our initial conversation, the company was fully convinced that a self-contained floor on a conventional lease arrangement was what they should be looking for, but had been searching for something suitable for several months with little success.It's often the case with companies seeking their first workspace that more options are available than they realise or even know about, and so it was with Moon Intelligence. A lengthy discussion around their plans and concerns revealed a commonplace truth: that a conventional lease with its long-term commitment really didn't suit a fledgling start-up at this moment in its life.Given the very possible need for rapid expansion at potentially very short notice – a regular occurrence in start-up culture – we mooted the idea of serviced offices to give the company comfort around the length of time and agility in the event of a sudden change in requirements. And with the desire for close proximity to Paddington station, we suggested Moon Intelligence take a look at 19 Eastbourne Terrace from The Office Group. Not only is the site close to the station; it has a secret members entrance directly off Platform 1.The Office Group is the only serviced office provider to have a contract with National Rail and has a presence in numerous London termini including Kings Cross, Victoria and Liverpool Street. One of the company’s first locations, 19 Eastbourne Terrace wraps its comprehensive offering of meeting rooms, break out lounge, shower facilities, etc in a beautiful Grade II Listed building.Moon Intelligence took an office of approximately 600sq ft split across two rooms, with floor-to-ceiling windows, plenty of natural light and 12 desks in situ. The initial viewing took place on February 21st and, with the space, location, amenities and terms all ticking the right boxes, papers were signed and the deal closed one week later on February 28th. And proving the popularity of the location with its members, the previous occupant vacated to expand into a larger space within the building.The icing on the cake is that Sebastian used to work at 19 Eastbourne Terrace at his previous company: a true case of what goes around, comes around.
“I grow old…I grow old…I shall wear the bottoms of my trousers rolled,” T.S. Elliot13 March 2020“I grow old…I grow old…I shall wear the bottoms of my trousers rolled,” T.S. Elliot writes in his masterful poem, The Love Song of J. Alfred Prufrock.
You might be asking why on earth we’re quoting poetry about hipster fashion habits and we’ll tell you why.We’re shamelessly (mis-)using it by means of introduction to the Verse Building (poetry? Verse? Get it?!), which is located in London’s spiritual home of the trouser-rolling hipster, Old Street.What do you think of the segue now? Clunky? Yeah, maybe a bit.But there’s absolutely nothing clunky about Verse Building, or its sister development next door, the now-fully let, Chapter House.The scheme, designed by world renown architects BucklyGrayYeoman, combines state of the art design, connectivity and sustainability to bring just over 17,000 Ft2 of office space across 8 fabulous floors to the market.And perhaps the least clunky, most funky, sickest, slickest (how’s that for verse) part of renting here is the bespoke fit-out service on offer.You can work with a design consultant to get your branding in place and to configure the space to make your business model flow.Then dive deeper into detail and choose from a curated range of high-spec finishes: from flooring to feature-walls to kitchen cupboard finishes and everything in between.We’ve also created a streamlined paperwork process, meaning the time from initial viewing to moving into your fully fitted office is 8 weeks.And if you’d rather take the space open plan (CAT A), then that option is, of course, always on offer too. A range of rents reflecting letting, design and fit-out preferences is available.Whichever way you go, your offices will be part of a thriving environment in a building which has a commissionaire, air-conditioning, openable windows, almost 3m ceilings, cycle spaces, lockers and showers for everything your team needs.Verse Building is moments from the Northern Line at Old Street and no more than a 10-minute walk from the soon-to-arrive Elizabeth Line at Moorgate. Shoreditch High Street Overground is also 10 minutes by foot, and a whole host of buses connect every which way.Bars, restaurants, markets, music venues, shopping, art and fashion fill the area with colour, scent and sound. Some local favourites are Nightjar, Shoreditch Grind, and Lyle’s, but that’s really just scratching the surface. Speaking of which, the surface area of Old Street roundabout is undergoing one big transformational scratch and will soon be an open, public space designed for pedestrians and cyclists making the neighbourhood an even greener place to work.So roll up those trousers, before you get old, and come take a look. Call us on 020 7101 2020 to arrange a viewing.
Ideas factory: creative workspaces in a former printworks on Wenlock Basin12 March 2020When it comes to getting the creative juices flowing, there’s little to beat sitting by a canal in with a coffee from the cafe in the cobbled courtyard of a former Victorian printing works, now home to a series of contemporary workspaces and alive with the positive energy of creative firms.Waterside, on Wharf Road in N1, sits on Wenlock Basin between The Regent’s Canal City Road and is part of the corridor that links Old Street roundabout to Islington. It’s a strip of the City Fringe that’s become a string of eye-catching architecture with residential and commercial developments along with numerous art galleries.The Waterside building is a former Victorian printing factory and we currently have three units available and another three coming up soon, making an excellent solution for businesses seeking the flexibility for future expansion without having to relocate.Currently on offer are: a ground and lower ground floor unit of 3,764 ft²; a second and mezzanine floor unit of 1,840 ft²; and a lower ground floor unit of 507 ft². Coming soon are: a lower ground floor duplex of 1,900 ft²; and a first floor unit of 1,596 ft². Each workspace is available either fully fitted as a plug and play unit, or with a Cat A fit-out for you to create exactly the kind of environment you want for your company.Much of the building’s industrial heritage has been retained including sandy coloured brickwork and stone reliefs, large factory windows, and plenty of exposed features along with galvanised conduit running overhead for wiring and services. The plug-and-play specification includes engineered oak wood flooring, contemporary lighting, meeting rooms, breakout areas, kitchenettes, desks and chairs.The one of the most noticeable things about Waterside is the thriving community atmosphere that permeates the entire development. It feels like there's always somebody somewhere to bump into, collaborate with or simply say hello, and there's a general sense of immense creativity at work along with a delight to be working in such a place.More than a picturesque urban setting, the location is ideal for attracting the very best talent your business with Old Street and Angel stations nearby and a simple walk along the canal taking you into Shoreditch or Islington for some of the best and eating, drinking and fun in London.Waterside also has a full-time on-site commissionaire, loading access and cycle storage. Lease terms are flexible and available from terms of 12 months upwards. If you like to discover if you'd like to find out whether waterside is suitable for your business please give the city fringe team a call.
Minister for Electrification?4 March 2020It now seems a long time ago since driving an expensive 4x4 – or ‘Chelsea tractor’ – around London was seen as a status symbol. Today, the emphasis in urban areas is – quite rightly - on sustainability and the environment. The issue of London’s air quality is now high on the political agenda and will no doubt figure prominently in the run-up to May’s mayoral election.In that context, Prime Minister Boris Johnson’s announcement regarding the ban on selling new petrol, diesel or hybrid cars being brought forward from 2040 to 2035 should have been welcomed.However, this may be a case of hitting the accelerator at the wrong time. Most vehicle manufacturers are now starting to produce electric cars on a mass scale and the sector is clearly adapting. But while the Government’s plans are welcome in terms of their commitment, the e-vehicle market is still in its infancy and the government should, in the first instance, be concentrating on a clear and cohesive strategy for nationwide charging infrastructure roll-out, or even appointing a ‘Minister for Electrification’, such is the important of this to the environment, UK vehicle manufacturers and the motor retailing sector.A combined undersupply of charging points both at home and ‘on the move’ together with apprehension over lengthy charging times is currently contributing to a lack of buyer confidence and ‘range anxiety’. Meanwhile, concerns over the ability of the current UK energy supply to meet future demand and the lack of guidance for landlords and developers for integrating charging points in to commercial premises is causing misperceptions.Charging a vehicle at your home is fine if you have off-street parking, but most central London residents don’t. Some London Boroughs are selectively placing charging points in lamp posts. This is a great initiative, but what happens when every vehicle is electric? We already see cables stretched for 20 metres along the pavement which is a safety risk and open to vandalism.There needs to be more consistency in terms of the approach to the infrastructure. At the moment it seems a ‘free for all’ approach has been adopted, so anyone with an electrical vehicle who arrives at a charging point does not even know what type of charge they are going to receive, and whether it will even work. And, as charging times improve, the need for higher levels of electricity is also required, but some locations are not able to provide the required capacities.Further infrastructure needs to be created, particularly at existing petrol filling stations and arterial route locations. Filling a vehicle with petrol or diesel takes a matter of minutes, but even e-vehicle superchargers take significantly longer.The addition of charging points at filling stations in town and city car parks, shopping centres, retail parks, supermarkets and new public ‘charging parks’ represents both a challenge and an opportunity for landlords and developers.But whilst it’s good that Prime Minister Johnson is attuned to society’s desire for a better environment, he first needs to show support for the required infrastructure. If the mass migration of drivers to e-vehicles is going to be a realistic and achievable goal, the UK Government needs to fully support both the property and automotive retailing sectors, including petrol retailers, - rather than simply bringing a deadline five years forward.Author:John Robertsjohn.firstname.lastname@example.org+44 121 265 7553
168 Shoreditch High Street4 March 2020Stand outside 168 Shoreditch High St and swing a cat and within a single swivel you’ll hit the Michelin starred Brat, members club Shoreditch House, hipster hotel and hangout Ace, and a near infinite number of other delights to boot.Drop the now-disgruntled cat and cooly enter this brand-new warehouse-inspired office building located within the very heart of the heart of Shoreditch, and you’ll see there’s as much to excite the senses inside as out.The first and second floors are available either open plan (CAT A) or Fully Fitted, meaning you have either a blank canvas to create your perfect space or a ready-to-go, fully furnished option for an instant move in.Linear handmade brick and black powder coated windows combine to recall the area’s industrial history while curtain walling and black vertical fins on the upper floors create an altogether dramatic visual impression.Naturally bright and airy interiors with substantial ceiling heights provide space to move and breathe. Windows span three full elevations and flood the building in daylight. Air-conditioning, state-of-the-art WCs, showers, elevators, and bike storage complete the facilities.The nearest stations are Shoreditch High Street on the Overground (less than a 5-minute walk) and Old Street on the Northern Line (just over 10 minutes by foot), while a choice of busses—linking to the City and beyond—stop a literal hop away.As well as the aforementioned local landmarks, you have top quality independent retail, further fine dining and food markets, gym and exercise studios, street art, and music venues all within cat-swinging distance too.The first floor space at 168 Shoreditch High St totals 5,874 Ft2, the second floor, 5,876 Ft2, and both are available.Call us on 020 7101 2020 to arrange a viewing. Bring a cat.
eSports: from sofa to shopping centre?25 February 2020eSports: from sofa to shopping centre?
The stereotype image of the video gamer is someone rooted to a sofa while a TV flickers in a darkened living room or they’re up in their bedroom gazing fixedly at a PC screen while jabbing at mouse and keyboard.
However, it seems that video gaming is moving from solitary pastime to spectator sport with the emergence of ‘eSports’– and this is could be good news for property landlords.
Last year, the eSports market grew to $1.1bn. That was year-on-year growth of about 26% and the sector is forecast to jump up to around $2.3bn within three years according to Forbes. Growth is also being fuelled by the competitive nature of gaming: in 2019, Epic Games, the creator of Fortnite offered prize money of more than $100m for competitive tournaments.
And like mainstream sports, the best players of these games are also attracting an audience. First, this was through online platforms like YouTube and Twitch but now it’s moving to physical spaces ‘game arenas’ where you pay to watch and learn from the best players who are often competing as part of corporate sponsored teams.
And, like regular sports, if you prefer to play rather than watch there are smaller centres. In London this trend has seen the expansion of the Belong Gaming Arenas introduced by the retailer, Game, to sit alongside their traditional retail stores, and for Wanyoo to acquire their first UK gaming café on Charing Cross Road. Wanyoo is Asia’s largest gaming café chain with 1,000-plus cafes in more than 50 cities.
Revenue streams are driven by playing fees – typically £5-7 an hour – or the cost of admission if you’re watching your gaming heroes in arenas such as Gfinity eSports arena in Fulham Broadway. And, of course, there’s lots of scope for adding on food and drink offers.
On average, Wanyoo’s gamers stay in venues for 3-5 hours. While audience dwell times are shorter, the game developers are looking at how they can embed advertising in the same way that you have hoardings around a pitch in a televised football game with companies such as Bidstack bridging the gap between game developers and advertisers.
And the cross-fertilisation of the digital and real worlds doesn’t stop there: celebrities like Michael Jordan, Drake and Gareth Bale have made substantial investments into the eSports sector.
The good news for landlords is that these eSport centres don’t have any particular property requirements other than size; they have taken units on high street locations and shopping centres, and are not too precious about ground, first floor and basement spaces!
The global eSports audience is now estimated to be around 450m people and, of course, many of the gamers who cut their teeth on Counter Strike, Quake and SuperMario more than 20 years ago are still playing today so the sector has a strong demographic profile.
And, if you’re not sure that eSports are here to stay then consider this: they’re under consideration for inclusion at forthcoming Olympic Games.
Fuelling debate: will occupiers pay more for eco-friendly workspace?18 December 2019From the chairman of RIBA’s sustainability group to the mayor of New York City, there is a growing number of industry experts and public figures questioning the wisdom of building ever-more air-conditioned glass skyscrapers if the property sector and cities want take climate change seriously.
Even as far back as the late 1940s, the Swiss architect Le Corbusier was a vocal critic of the world’s first full air-conditioned glass tower, the UN Secretariat in New York, attacking it as unsuitable for the local climate. But the gleaming aesthetics took hold a city’s global credentials are often judged by the height and mass of its glittering skyline.
But the problems of regulating the temperature of glass buildings go back further than that, with a visit to London’s Crystal Palace a very different picture than the beautiful sketches we see depicting the Great Exhibition. The reality was of huge canvass curtains hanging around the interior to keep the giant greenhouse from overheating – something that proved horribly difficult to control – and blocking out much of the building’s glass aesthetic and natural light.
According to The International Energy Agency, the built environment produces around 40% of global carbon dioxide emissions, with the energy used on cooling alone now accounting for a chilling 14% of all energy use. As temperatures rise, so air conditioning needs to work harder, using not only more energy but increasing the wear and demand on systems with the likely result of shortening their lifespan.
As we have seen with the New Routemaster buses in London, the simple act of opening a window and letting in a breeze can be more pleasant, more reliable and more popular than air-conditioning, not to mention more eco-efficient. But the realities of big city noise and air pollution are an obstacle in applying this to many new office buildings, despite an estimated energy saving of around 60-70%.
We are conscious to plastic bags, excess packaging and littering the oceans, with changes in awareness bringing about major changes in habits. But what about the spaces we work in? The technology exists to build more energy-efficient buildings – and many landlords and developers we speak to in the early stages of their projects express an enthusiasm and desire in attaining a BREEAM rating – but the big question hanging over the conversation has been whether occupiers would care enough to put their money where their sustainably statements are. The latest research from CoStar answers that question with a resounding yes.
Over the last decade, BREEAM-rated buildings have attracted a significant premium, with an average increase in value of £374 psf since 2009, almost double the national market average of £196 psf.
The UK has around 1,700 office buildings with a BREEAM rating, with London hosting about half of them with just over 800 accreditations, making up about 3.5% of the Capital’s total office inventory. That percentage is the highest in the country and includes one of the world’s most sustainable offices, Bloomberg Place, where technology and innovation include smart ventilation, water conservation and half a million bulbs of efficient LED lighting.
In second place for numbers is the South-East with just over 150 buildings, although that accounts for just 1% of the total office inventory. In percentage terms it’s Wales that takes second place with 2.1%, followed by the North East and Northern Ireland, both around 1.5%.
It should be noted that these buildings are usually not 100-storey crystalline towers and tend to use materials other than glass and steel. But if we are to continue building upwards to cope with increased capacity, perhaps the answer lies in birthplace of the skyscraper, New York City. The origins of the world’s most recognisable skyline were in tall buildings of brick and stone that are no less striking than contemporary glass structures: no-one could accuse the Empire State or Chrysler Buildings of being inconspicuous or, in today’s terms, non-iconic. Could reinterpretations using the materials of then with the design of today and the technology of tomorrow be the solution to tall cities and high efficiency?
So if the demand is there and backed by hard evidence that occupiers will pay significantly more for an environmentally-friendly workspace, why are we not building more efficiently more often? Perhaps the missing link is simple awareness in the property sector. If more landlords and developers were aware of the financial opportunity of efficient buildings, surely an increase in delivery would follow? When looking at the increased amenity given to buildings to attract higher rents (gyms, wellness suites, cafes, lounges, terraces, etc), landlords have shown that they are all in.
As agents, we are uniquely positioned to convey the message. With such willingness among occupiers to pay a premium, yet with each UK’s region’s extremely low supply of BREEAM rated workspace, there is huge potential to not only build, but also to upgrade existing office space, in way that makes sound financial sense, delivers greater ecological rewards and lays the foundations of a sustainable future for expanding cities.
In short, a win-win solution.
Medical sector acquisition in Kentish Town11 December 2019Up in Kentish Town and just a couple of minutes’ walk from Hampstead Heath, we recently completed an acquisition for the medical innovator Second Skin on an industrial workspace on Gordon House Road, NW5.
The recently refurbished Spectrum House is a large three-storey factory building with a broad façade of white render and black window frames that gives no indication of what lies beyond, where multiple self-contained units in various sizes are arranged around a rear courtyard. In all, the development extends to around 48,500ft2 with the capacity for over 300 employees.
Mixing bright white décor with an industrial palette of hard edges – corrugated metal ceilings; black-painted steel columns; black doors and window frames – the aesthetic does a good job of capturing the essence of a warehouse workspace and is finished with rich oak parquet floors, suspended lighting and recessed kitchenettes in a modern grey with white metro tiles.
The development’s design allows tenants to keep their brand identity and independence while benefitting from a well-managed environment that includes 24-hour access, cycle storage and car parking spaces.
Second Skin has taken 1,236ft2 on the ground floor of Spectrum House. From here, the company will treat its clients in a variety of bespoke treatment rooms created from a tailored and DDA-compliant fit-out.
A lease was agreed for 5 years at a rent of £48 per ft2, with the fit-out costs and works borne by the landlord and a five-month rent-free period negotiated. Completion took place in early November.
Second Skin was founded in Perth, Western Australia in 1988 and is now the world leader in the design, manufacture and service delivery of custom made medical compression garments and dynamic splints for children and adults. The company has clinics in Australia, New Zealand, Ireland and the UK.
Office acquisition at AHMM-designed landmark in Southwark29 November 2019On behalf of GTI Media Ltd, we have acquired 2,845ft2 on the first floor of 240 Blackfriars Road, an AHMM-designed building at the junction of Blackfriars Road and The Cut in London SE1.
Constructed in 2014 by Great Portland Estates, 240 Blackfriars Road has completely redefined the immediate skyline and given new purpose to the busy intersection with Stamford Street and Southwark Street that connects Waterloo, London Bridge, Blackfriars and Southwark stations.
The large parallelogram form includes 220,000ft2 of high performance office space and sits like a giant crystal on the street, extruded up to 90 meters with cut away sections at street level and higher up to add to the public realm and to protect the views across the river.
The building’s glossy, glassy double height entrance façade gives way to voluminous lobby that recalls a contemporary art museum with lofty ceilings, subtle neutral tones and Jasper Morrison-designed Carrara marble benches scattered in seemingly random fashion in a modern interpretation of fallen columns at ancient archaeological sites
GTI Media has offices in London, Dublin, Oxford and New York. Formed around 30 years ago, the company is now the UK and Ireland’s leading provider of graduate and school leaver recruitment services including the UK’s largest graduate jobs website, the most-read careers publications on campus and holding events to increase work-readiness among students and help employers recruit early talent.
The company’s new offices on the first floor of 240 Blackfriars Road are at the southern end and look out over the street through full height full width angled windows that slope upwards and outwards from the building and into the air.
With its excellent architectural pedigree, sharp lines and responsive design, 240 Blackfriars has cemented itself as a successful local landmark and a striking addition to SE1’s ever-growing accumulation of high-quality commercial and residential architecture.
The postcode has undergone significant regeneration in recent years and has matured beyond its initial residential col-factor to become a destination office location with a distinctive local flavour including peerless London icons like Borough Market and Tate Modern, and with excellent connectivity to The City, West End, airports and beyond via Underground, Thameslink and National Rail
Colliers achieved a very reasonable rent on behalf of GTI Media Limited with a term until March 2024.
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