News

Smart moves in Soho Square

News

Estates Gazette

01 March 1986

by Alex Catalano

Thanks to Westminster council’s crackdown on the sex industry and the simultaneous media industry explosion, the Soho property market is booming.

Soho Square, traditionally a quiet backwater on the fringe, has seen an unprecedented level of developer and tenant interest, as more and more companies decide Soho is a smart address.

Estate agents Allsops are old-timers, having been at 21 Soho Square for 50 years. They have decided to move only 100 yds or so to new premises in United Kingdom Provident Institution’s development at no 27.

Allsops are taking the top three floors of the building, 12,000 sq ft, at £200,000 pa, while Barclays Bank have already moved into the remaining 31,000 sq ft. Barclays, who were based in nos 25 and 26, took a prelet on the space at £285,000 pa.

Allsops were in a good position to know what they were getting, since they had acted for UKPI throughout the development of no 27 and in the letting to Barclays, who were advised by Mann Smith. But for their own space, Allsops negotiated with UKPI directly.

Barclays’ move to the UKPI scheme has left 5,707 sq ft of offices in no 26 available. The four-storey building had been fully refurbished by the landlords, Sheraton Securities, and Mann Smith are marketing Barclays’ 23-year lease.

The bank took the building for expansion in 1983 but never moved in.

Across the square, Eagle Star Properties’ newly refurbished Parkwood House has been taken up by Ted Bates, an international advertising agency, at a rent of £550,000 pa. Two years ago Eagle Star bought out the Inland Revenue’s leasehold for about £1m and embarked on a major overhaul of the seven-storey building. Pepper Angliss & Yarwood acted for Eagle Star, while Henry Davis & Co advised Ted Bates.

And three doors down, no 37, recently vacated by CBS, has also filled up with media groups, paying about £14 per sq ft. Tenants in the 9,000-sq ft building include Jenner, Keating, Becker (advised by Wogman & Partners), Matthew Hall (Collins Velleman), Insight Productions, Winterland Productions (Gordon Linch & Co) and Provident Life Association (Dron & Wright). Parnis Bird & Partners acted for the landlords, a private trust.

Further along, Allsops are handling no 2 Soho Square, formerly the headquarters of the television technicians’ union ACTT, which has bought new premises at 111 Wardour Street, and is refurbishing the 3,700 sq ft at no 2.

Allsops says that they expect rents of over £17 per sq ft.

The musical chairs along the square will leave Allsops’ present premises, no 21, going spare. Here, freeholders Property Holding & Investment Trust have permission for 17,000 sq ft of offices, 3,300 sq ft of retail and basement parking.

The project is part restoration, part rebuilding and will start this summer.

For landlords, the future in Soho Square looks bright. Jonathan Harris of Allsops says that by this time next year he expects competition to have pushed rents up to £27 per sq ft.

by Alex Catalano Thanks to Westminster council’s crackdown on the sex industry and the simultaneous media industry explosion, the Soho property market is booming. Soho Square, traditionally a quiet backwater on the fringe, has seen an unprecedented level of developer and tenant interest, as more and more companies decide Soho is a smart address. Estate agents Allsops are old-timers, having been at 21 Soho Square for 50 years. They have decided to move only 100 yds or so to new premises in United Kingdom Provident Institution’s development at no 27. Allsops are taking the top three floors of the building, 12,000 sq ft, at £200,000 pa, while Barclays Bank have already moved into the remaining 31,000 sq ft. Barclays, who were based in nos 25 and 26, took a prelet on the space at £285,000 pa. Allsops were in a good position to know what they were getting, since they had acted for UKPI throughout the development of no 27 and in the letting to Barclays, who were advised by Mann Smith. But for their own space, Allsops negotiated with UKPI directly. Barclays’ move to the UKPI scheme has left 5,707 sq ft of offices in no 26 available. The four-storey building had been fully refurbished by the landlords, Sheraton Securities, and Mann Smith are marketing Barclays’ 23-year lease. The bank took the building for expansion in 1983 but never moved in. Across the square, Eagle Star Properties’ newly refurbished Parkwood House has been taken up by Ted Bates, an international advertising agency, at a rent of £550,000 pa. Two years ago Eagle Star bought out the Inland Revenue’s leasehold for about £1m and embarked on a major overhaul of the seven-storey building. Pepper Angliss & Yarwood acted for Eagle Star, while Henry Davis & Co advised Ted Bates. And three doors down, no 37, recently vacated by CBS, has also filled up with media groups, paying about £14 per sq ft. Tenants in the 9,000-sq ft building include Jenner, Keating, Becker (advised by Wogman & Partners), Matthew Hall (Collins Velleman), Insight Productions, Winterland Productions (Gordon Linch & Co) and Provident Life Association (Dron & Wright). Parnis Bird & Partners acted for the landlords, a private trust. Further along, Allsops are handling no 2 Soho Square, formerly the headquarters of the television technicians’ union ACTT, which has bought new premises at 111 Wardour Street, and is refurbishing the 3,700 sq ft at no 2. Allsops says that they expect rents of over £17 per sq ft. The musical chairs along the square will leave Allsops’ present premises, no 21, going spare. Here, freeholders Property Holding & Investment Trust have permission for 17,000 sq ft of offices, 3,300 sq ft of retail and basement parking. The project is part restoration, part rebuilding and will start this summer. For landlords, the future in Soho Square looks bright. Jonathan Harris of Allsops says that by this time next year he expects competition to have pushed rents up to £27 per sq ft.