Demand for small offices in the white-hot Clerkenwell sub-market has prompted a trendy office furniture company to prelet space.
Orangebox has agreed to lease the whole of 38 Northampton Road, EC1, ahead of its completion later this year.
The five-storey office scheme is being developed by the Rathbone Trust.
Preletting is generally the preserve of large corporates, which think several years ahead to accommodate their occupational needs, according to Richard Susskind, whose niche advisory business represented Orangebox.
At just 16,244 sq ft, the fact the building has been leased prior to completion is a reflection of the strength of demand in the Clerkenwell area, he said.
“There is such a paucity of space available in Clerkenwell right now that our client felt compelled to acquire the site of a former car park,” Susskind added.
“Availability – particularly within certain size parameters – is virtually at zero.”
Orangebox has signed a 10-year lease at a rent of £43 per sq ft with a five-year upward-only rent review.
Designed by Ben Adams Architects, the brick-clad building occupies a site between the Clerkenwell Green and Rosebery Avenue Conservation Areas.
Hatton Real Estate advised the Rathbone Trust; Richard Susskind & Company advised Orangebox.
