Market Update Spring 2015

Transcription

1 CENTRAL LONDON OFFICE AGENCY Spring 2015

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3 Market Update Spring 2015 As the days begin to grow longer and the first signs of new growth emerge, this Spring sees office lettings and acquisitions continue at full force and the Central London office market abuzz. Figures show that, over the course of last year, leasing activity in the central London market is almost back to 2007 (preeconomic crash) levels, circa 15% higher than that of This Spring brings an exciting outlook for us at HNG in a period where office supply is tight and there is a distinct lack of new development nearing completion. We are very excited to be able to offer up to 150,000 sq ft for letting within Central London now, with a further tranche coming through the pipeline including the sale of some freehold opportunities, a rarity in itself. With regard to tenant acquisition, we are recommending companies provide for a greater lead time in trying to avoid the pressures of the move, and searches should start around 7/8 months prior. Finally, landlords should be mindful of the changes to legislation in relation to Energy Performance Certificates. The government is bringing in a change of legislation whereby it will prohibit the letting of properties rated F or G by way of new leases from 2018 and all leases from April Often the rating of an EPC can be improved by small changes. We continue to offer all our clients a first class proactive service and please do not hesitate to contact either myself or Will Gyngell on Regards Richard Spencer Follow us on 1

4 106 New Bond Street, London W1 Office lettings for private client 10,000 sq.ft. (945 sq.m.) Victory House, Leicester Square, London WC2 16,000 sq.ft. (1,486 sq.m.) 143 New Bond Street, London W1 Offices acquired for Ayyam Gallery and converted to a gallery 2 Cavendish Square, London W1 Office letting - 4,000 sq.ft. (371 sq.m.) 2

5 Capital House, 25 Chapel Street, London, NW1 Office lettings for Epic UK - 70,000 sq.ft. (6,500 sq.m.) 1 Islington High Street, London N1 Office letting for private clients 8,000 sq.ft. (743 sq.m.) 32 Brook Street, London W1 Office lettings for Threadneedle Property Investments 10,000 sq.ft. (930 sq.m.) 3

6 41-44 Great Queen Street, London WC2 Office acquired for Proteus Digital Health St James s Street, London SW1 Office lettings for private clients 11,000 sq.ft. (1.022 sq.m.) Grays Inn Road, London WC1 Offices acquired for International Institute for Environment & Development 12,000 sq.ft. (1,114 sq.m.) Shaftesbury Avenue, London W1 Office lettings for private client - 9,500 sq.ft. (882 sq.m.) 25 John Street & 17 John s Mews Freehold office sale for private client 5,715 sq.ft. ( sq. m.) 4

7 1 Braham Street, London E1 Office floors acquired for BSkyB 19,000 sq.ft. (1,765 sq.m.) 10 Piccadilly, London W1 Office letting for Jaegar Group 12,000 sq.ft. (1,115 sq.m.) Stephenson Way, London, NW1 Office lettings 25,000 sq.ft. (2,300 sq.m.) 19 / 24 Dering Street, London W1 Office lettings for Legal and General Assurance Society 23,000 sq.ft. (2,136 sq.m.) 9-13 Aldgate High Street, London EC3 Offices lettings - 15,400 sq.ft. (1,430 sq.m.) 5

8 Manning House, 22 Carlisle Place, London SW1 Office lettings for Agelef Shipping 8,000 sq.ft. (743 sq.m.) 77 Mansell Street, London E1 Office letting for Development Securities PLC 5,580sq.ft. (518 sq.m.) 1 Bell Yard, London WC2 Office lettings for private clients Tottenham Court Road, London W1 Offices acquired for BMB Clothing 31 Harley Street, W1 Office building acquired and planning consent obtained for medical use - 3,000 sq.ft. (279 sq.m.) 6

9 Russell Square House, Russell Square, London WC1 Office lettings for Epic UK - 45,000 sq.ft. (4,180 sq.m.) Goswell Road, London EC1 Office letting to Zaha Hadid Architects - 18,760 sq.ft. (1,745 sq.m.) 43 Portland Place, London W1 Office lettings for Architects Benevolent Society, 10,000 sq.ft. (929 sq.m.) 7

10 SOUTH MOLTON STREET PORTFOLIO Management and Lettings By HNG 10 South Molton Street, London W1 940 sq.ft. (87.32 sq.m.) 16 South Molton Street, London W1 Office lettings sq.ft. (83 sq.m.) 17 South Molton Street, London W1 895 sq.ft. (83 sq.m.) 8

11 19 South Molton Street, London W1 Office lettings - 1,455 sq.ft. (135 sq.m.) 21 South Molton Street, London W1 Office letting - 1,800 sq.ft. (167 sq.m.) 42 South Molton, London W1 Office letting - 1,500 sq.ft. (139 sq.m.) 47 South Molton Street, London W1 Office letting - 1,200 sq.ft. (111 sq.m.) 54 South Molton Street, London W1 Office letting - 1,660 sq.ft. (154 sq.m.) 56a South Molton Street, London W1 Office letting - 1,500 sq.ft. (139 sq.m.) 9

12 Winchester House, Old Marylebone Road, London NW1. Office lettings for Rank Group plc. 4,510 sq.ft. (418 sq.m.) 33 Cavendish Square, London W1 Office letting for Fundsmith LLP 305 Great Portland Street, London W1. Office letting for Transport for London - 3,900 sq.ft. (362 sq.m.) Centre Point, 103 New Oxford Street, London W1. Office letting to the Learning & Skills Council and subsequent surrender of lease - 4,350 sq.ft. (404 sq.m.) 131 & 157 Edgware Road, London W2 Office lettings for Criterion Capital 16,000 sq.ft. (1,486 sq.m.) 10

13 22 Bruton Street, London W1 Office lettings for private client 9,000 sq.ft. (836.12sq.m.) 108 New Bond Street, London W1 Office lettings for private client 2 Stratford Place, London W1 Office letting for Transport for London - 6,300 sq.ft. (585 sq.m.) 25 Maddox Street, London W1 Offices acquired for Aladdin Capital Management UK LLP - 4,500 sq.ft. (418 sq.m.) Alhambra House, Charing Cross Road, London WC2 Office lettings for Criterion Capital 14,000 sq.ft. (1,300 sq.m.) 11

14 28-34 Wigmore Street, London W1 Office letting for Howard de Walden Estate 2680 sq ft (249 sq m) 14 Cavendish Place, W1 Office acquired for St. Marylebone Property Company Harmont House, 22 Harley Street, London W1 Medical suite lettings. 3 Wimpole Street, London W1 Office letting for Howard de Walden Estate 1,510 sq.ft. (140 sq.m.) 7 Praed Street, London W2 Office letting for private client - 5,500 sq.ft. (510 sq.m.) 12

15 3 Bentinck Mews, London W1 Office letting for private client - 1,275 sq.ft. (118 sq.m.) 53 Queen Anne Street, London W1 Office letting for Antique Wine Company 4,480 sq ft (416 sq m) Alders House, 133 Aldersgate Street, London EC1 Office sale for BACTA - 3,410 sq.ft. (316 sq.m.) Whitfield Street, London W1 Office lettings for BSkyB - 10,425 sq.ft. (968 sq.m.) 13

16 Refurbishment Projects Below are examples of refurbishments for which we have provided advice and input. 32 BROOK STREET, LONDON W1 1 ISLINGTON HIGH STREET, LONDON N1 143 BOND STREET, LONDON W1 Before Before Before After After After In tandem with our clients Threadneedle Property Investments the refurbishment of this floor focused on reflecting the spirit of its location. The plastered ceilings, Thorn lighting and big iron casement windows create a bright suite that reflects both the smart Mayfair address and the vibrancy of the pedestrianised shopping destination, South Molton Street, that it overlooks. A comprehensive refurbishment of all five office floors transformed this previously dark and cramped building into a dynamic and progressive working environment. A new, impressive glass fronted entrance to a contemporary reception and the addition of wooden floors and high end finishes throughout mean this historic and prestigious landmark building now looks as good on the inside as it does on the out. Retained to find a new premises for an internationally renowned gallery in a prime location we managed to find a Bond Street address where we took office space and secured a change of use to art gallery. The removal of the suspended ceiling to expose the pipework and the polished poured concrete style flooring create a contemporary, urban feel which perfectly showcases their art. 14

17 Office Agency The Central London Office Agency team is headed by Richard Spencer. Richard has in excess of 20 years experience concentrating on the Central London office market. A broad spread of clients includes financial institutions, property companies, private and publicly quoted companies. Meticulous care is taken to understand and fulfil clients requirements for both acquiring and disposing of property. Our Services HNG are an established independent firm of chartered surveyors. We provide comprehensive, expert advice on commercial and residential property. We are dedicated to providing every client with an exceptional level of service. From our central London office in Chandos Street we provide a comprehensive range of property services: s s s s s s s s s s Central London Office Agency West and South West London Office Agency Landlord and Tenant Arbitration Rating Commercial and Residential Management Investment and Development Commercial and Residential Valuation Leisure Property Accounting and Insurance 15

18 CLIENTS INCLUDE A&S Leisure Group AIB GB PLC Architects Benevolent Society Bannatyne Fitness Barclaytrust (Suisse) S. A. Bickenhall Mansion Freehold Ltd British Sky Broadcasting CLSH plc Commercial Estates Group Limited Co-op Pension Fund Coutts and Co Credit and Mercantile Bank PLC Credit Suisse Asset Management Criterion Capital Crown Estate Derwent London plc Development Securities plc Epic UK Girobank plc HDG Limited Hilton Worldwide Howard de Walden Estate HSBC Bank plc Hugh Langmead Limited ING Real Estate Jaegar Group J D Wetherspoon Plc LaSalle Investment Management Lazari Investments Legal and General Assurance Society Limited LHA London Ltd London Property Holdings Ltd Maxicorp Group Merchant Investors Assurance Company Limited Mizrahi Tefahot Bank Ltd National Football League National Westminster Bank plc O & C Group Prime Commercial Properties PLC Radisson Edwardian Hotels Rank Group plc Romulus Investments Limited Royal Bank of Scotland Group plc The Royal Borough of Kensington and Chelsea Royal Institution of Chartered Surveyors Southern Properties Limited St Marylebone Property Company Plc The Huggler Group Threadneedle Property Investments Limited Transport for London William Pears 16

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20 7-10 Chandos Street Cavendish Square London W1G 9DQ T F richardspencer@hng.co.uk