Dr Martens laces up for London office search

Footwear and clothing brand Dr Martens has kicked off its search for a new office in London as it considers moving from its current home in Camden. The company’s requirement is around 30,000 sq ft, for which it is hoping to pay no more than £60 per sq ft. Kinney Green is advising Dr Martens on the search. The retailer is exploring options in the City fringe submarket and Battersea, where the company has toured Osmo, SW11, managed by Quadrant Estates on behalf of investor Alberta Investment Management Corporation. The company’s current lease for around 25,000 sq ft at 28 Jamestown Road, NW1, is due to expire towards the end of 2026. It is currently paying £59.50 per sq ft. Recent accounts showed the company’s pretax profit fell by almost 43% to £97.2m for the year to 31 March, which chief executive Kenny Wilson attributed to “weak” US consumer demand. The same accounts also highlighted a marked rise in net debt to £357.5m, up from £288.3m a year earlier. The company partially attributed this to increased lease liabilities, with current lease liabilities rising from £28.1m in 2023 to £47m this year. Wilson also confirmed in the results a “cost action plan across the group targeting savings of £20m to £25m”. Image © ANDY RAIN/EPA-EFE/Shutterstock