New Look has confirmed it is leasing 123,000 sq ft at the Argent-led redevelopment of King’s Cross, N1.
The high street fashion retailer has agreed to pay more than £70 per sq ft for the majority of building R7 at the 67-acre development, as tipped by Estates Gazette.
The 10-storey building will include 155,000 sq ft of office space along with an Everyman cinema, shops and restaurants on the ground and mezzanine levels when it completes in July next year.
R7 is in the north-eastern part of the site and will be one of the furthest office buildings from the Underground and mainline stations at King’s Cross, seven- and nine-minute walks, respectively.
However, despite the location, the rent is roughly double that agreed by Sainsbury’s for a building on the same plot back in 2007, reflecting the transformation of the site and its attractiveness to tenants.
Sainsbury’s ditched the deal to move to King’s Cross in 2011 in favour of remaining in Holborn.
New Look’s current London office is in Mortimer Street, W1, while its main UK headquarters is in Weymouth, Dorset.
The move comes after South African billionaire Christo Wiese bought a 90% stake in the company for £780m in May last year.
Cushman & Wakefield and Savills acted for KCCLP; Colliers advised New Look.
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