Camden unlocks

Camden’s bohemian image may soon be changed by the retail chains. Cheryl Freedman reports. Cosmopolitan Camden draws 250,000 visitors each weekend to its famous market. But clothes’ stalls and leatherware shops aside, the area remains remarkably short of good-quality retail space for national multiples. Christopher Shaw, of local agent Shaw Corporation, says: “There are a number of people absent – retailers such as the Body Shop and Gap – which have been looking for a presence for a long time. The main historical problem is that larger multiples haven’t been able to get larger retail unit sizes. From the Tube to Camden Lock, they are all very small units.” However, this situation may at last be rectified. Plans are shortly to be submitted for the development of Parkway Plaza, a substantial block situated opposite Camden Underground station. Market rumour suggests that the freehold properties on the site were recently acquired by Parkway Properties, which will be assisted by London & Regional Properties on the scheme. The site, which Shaw describes as “probably the most prominent in north London”, will house two new retail units of 316m2 (3,400 sq ft) and 305m2 (3,280 sq ft) that front Parkway, and a large new unit on Camden High Street of 1,836m2 (19,765 sq ft). Says Shaw: “This quality of space and location has not previously been available to the multiple retailers that have been seeking to locate in Camden’s thriving retail centre for some time.” Because of the tussle for space, Camden’s retail multiples have traditionally had to head south of Camden High Street to find large units. Here, zone A rents rapidly tail off towards £753-£861 per m2 (£70-£80 per sq ft) rather than the £1,076-£1,615 (£100-£150) achievable towards the Lock. However, Shaw recognises that it would be dangerous to rid Camden of its bohemian appeal by adding high street names. “It is a question of tidying up Camden, while keeping its street cred,” he says. By dint of its surroundings, Parkway will attract major youth-orientated retailers, believes Shaw. He says: “Bearing in mind that Camden was the centre of Britpop, it is remarkable that there are no record store multiples in central Camden.” Aside from retail, the scheme will also provide office accommodation totalling 1,811m2 (19,500 sq ft) and 14 new loft apartments. It is also situated next door to the recently reopened Odeon multiplex. Flats under construction Several other mixed-use schemes are on the cards. At Camden Pavilions, 3-29 Jamestown Road, London Buildings is developing 32 new flats, plus an A3 unit of about 770m2 (8,288 sq ft) on the ground floor and either offices or retail in a complex designed by Piers Gough of architect CZWG. Rents are quoted at £269 per m2 (£25 per sq ft) for A3 use and £215 per m2 (£20 per sq ft) for A1 uses. Japanese restaurant Wagamama and retailer Muji are both thought to be very interested, though they have not yet signed. London Buildings is also behind proposals for a major development at Suffolk Wharf, which could add a new tourist dimension to Camden Lock. Plans include a 150-bedroom hotel, 2,787m2 (30,000 sq ft) of offices, 2,787m2 (30,000 sq ft) of restaurants and 465m2 (5,000 sq ft) of retail, all to be designed, again, by Piers Gough. At 1-11 Hawley Crescent, opposite MTV’s studios, a site totalling some 3,305m2 (35,585 sq ft) is being put forward for planning approval this month. Commercial & Warehouse Properties’ scheme will comprise retail, office and residential uses, says sole letting agent Shaw, plus a 385m2 (4,154 sq ft) restaurant. Negotiations for a prelet on the latter is reportedly already under way at a rent of about £269 per m2 (£25 per sq ft). New office space remains extremely thin on the ground in NW1, despite Camden’s inclusion on the search list for many major media and fashion companies. Shaw believes that rents could go as high as £215 per m2 (£20 per sq ft) in Camden for the right space. Those said to be looking include Paul Smith, which wants 1,394-1,858m2 (15,000-20,000 sq ft) for a new headquarters. Shaw says: “The problem with Camden is that there is no new office accommodation. Many media-related businesses are seeking to relocate or expand their existing bases in Camden Town. It is currently on the shopping list as a media B1 location for companies traditionally associated with Soho, Covent Garden and the West End.” One of Camden’s largest remaining office buildings, Mars’ refurbished 2,573m2 (27,700 sq ft) Atelier House at 64 Pratt Street, is reportedly about to be signed up to a firm of construction managers. Rent is quoted at £205 per m2 (£19 per sq ft) and Andrew Barnes of Jones Lang Wootton, joint agent with King Sturge on the buildings, says: “The rents achieved will be the highest for some time.” Still available as either a freehold or leasehold is the 4,307m2 (46,360 sq ft) Bewlay House at 32 Jamestown Road. Michael Nicholas of Nelson Bakewell, joint agent with King Sturge on the property, says that rent is being quoted at £194 per m2 (£18 per sq ft), and the freehold “in excess of £7m”. David Fryman, of Edward Charles & Partners, which acts for MTV, says of Bewlay: “It is a very attractive building. It backs onto the canal.” Islington has had an altogether more quiet year than Camden. Upper Street remains driven primarily by new restaurants and individual shops, with zone A rents there and on Islington High Street at £538-£646 per m2 (£50-£60 per sq ft), according to Shaw. David Foskett, of local agent Copping Joyce, says that, as office demand has grown, rents have risen from £65-£75 per m2 (£6-£7 per sq ft) to as high as £129-£139 per m2 (£12-£13 per sq ft). “Most of the deals done have been small take-ups of space that has been lying dormant,” he adds. Foskett reports a shortage of good industrial units in the area, plus ongoing high demand for residential conversions. “The higher land values mean that other uses can’t compete,” he says. At Islington Green, Foskett says, Grove Manor Homes and Frogmore are planning a residential scheme comprising luxury flats and 1,486m2 (16,000 sq ft) of leisure space and restaurants. Next door at the Slug & Lettuce pub on Upper Street, RC Tomkins, represented by Copping Joyce, has negotiated a prelet with Marstons for a 325m2 (3,500 sq ft) restaurant, according to Foskett. CAMDEN TOWN: PROPOSED ACCOMMODATION, AUGUST 1997 Address Owner Retail (m2) Offices (m2) Residential units When available Rent (£ per m2) The Atlantic Building 49-55 Parkway & 128 Albert Street, NW1 Linklane Developments 176-1,042 (A1) 650-2,007 16 Comm: Sep 1997 Res: subject to planning Retail: 269 (A1) Offices: 129 1-11, Hawley Crescent NW1 Commercial & Warehouse Properties 644 (A3) 150 (A1> 1,531-88 (workshop) 6 September 1998, subject to planning Retail: 269 (A3) Offices: 215 Camden Pavilions 3-29 Jamestown Road London Buildings Group 770 (A3) 214 (A1) 214 32 July 1998 Retail: 269 (A3) Retail: 215 (A1) Camden Parkway N/a 644-1,836 1,812 14 October 1998, subject to planning Retail: 269 (A1) Offices: 215 7-17 Islington Green 1-5 Essex Road Subsidiary of City & General 464 (A3) 372 24 Subject to planning N/a Suffolk Wharf, NW1 London Buildings Group 2,787 (A3) 464 (A1) 2,787 150-bed hotel Subject to planning N/a Source: Shaw Corporation/North London Boroughs OFFICE TRANSACTION Carriage Row, Eversholt Street, Camden: Steelcase Strafor has taken 1,021m2 (11,000 sq ft) at £161 per m2 (£15 per sq ft) on a 10-year lease with no breaks. Edward Charles acted for landlord Threadneedle. Tasting notes North London’s wine connoisseurs are in luck. Victoria Wine Co has chosen Barnet as the venue for a brand new off-licensing concept called Martha’s Vineyard. A 464m2 (5,000 sq ft) superstore opened last month at 184 East Barnet Road. The drinks superstore is laid out like a supermarket, and shoppers will be able to choose from a selection of some 650 wines. The company apparently chose Barnet as a location because “of its above-average proliferation of known wine drinkers”.