Original scenes Stacey Meadwell takes an exclusive look at three schemes providing new space for offices and shops in a tight West End market
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198-202 Piccadilly/33-34 Jermyn Street, SW1
● 83,000 sq ft mixed-use scheme
● 20,000 sq ft of retail fronting Piccadilly and 12,000 sq ft fronting Jermyn Street
● Developer is Standard Life Investments
●Due for completion in May/June 2007
With very little space in the West End, strong hints of a prelet at Standard Life Investments’ 198-202 Piccadilly scheme come as no surprise.
The office element of the 83,000 sq ft scheme, seen in this exclusive image, has been linked with venture capitalist company Apax Partners, which has a longstanding requirement for space in the West End.
SLI is understandably tight-lipped. Mike Hannigan, pooled pension fund investment director at SLI, says: “We believe the completion of the Piccadilly/Jermyn Street development should see it well placed in a market of reducing supply. Although we are yet to start formal marketing, we would not be surprised if a major prelet was achieved.”
Many in the market would not be surprised either: “There are very few buildings available and there isn’t a lot coming through,” says James Maclachlan, partner at King Sturge.
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Cardinal Place, SW1
Three main buildings connected by a glass podium comprising 16 Palace Street, 100 Victoria Street and 80 Victoria Street, totalling 573,340 sq ft
● Developed by Land Securities
● Predominantly office space with some retail at ground floor
● Rental level of around £55-65 per sq ft, depending on size of space, have been achieved
Think of Cardinal Place and two images come to mind – first the nose cone with its dramatic curves and second its glitzy launch last year. In some ways, Land Securities has succeeded in creating a landmark. At the very least, it has rejuvenated a corner of Victoria, creating some much-needed open space, as this picture shows.
Many see Cardinal Place as a symbol of how the West End market is evolving. Occupiers’ increasing desire to be close to main railway hubs is becoming more evident.
Cardinal Place, like other developments in Victoria, has capitalised on Mayfair’s shortage of large floorplates.
LandSec’s plans for a multi-tenanted building have yielded some success, with notable lettings to 3i and P&O.
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10 Old Burlington Street, W1
● £50m, 40,000 sq ft retail and office scheme
● 12,000 sq ft of retail in which Pollen Estate has a retained an interest
● Joint development between Standard Life Investments and City & West End Developments
● Scheduled to complete in January 2007
Another building that appears to be hitting the market at the right time is 10 Old Burlington Street. As this picture, seen for the first time, shows, it will bring only a relatively small amount of space to the market, but this sort of space seems to be much in demand.
Nico Marshall-Lee, associate in West End agency at King Sturge, says: “We had a floor at 3 Burlington Gardens and were quoting £67 per sq ft. Good-quality stock will be taken up because demand is strong.”
It would not surprise many if 10 Old Burlington Street let before completion, as Marshall-Lee says there is a trend for this at the moment.
“If demand remains consistent then we will see all these new schemes taken up throughout the year,” he predicts.
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Original scenes Stacey Meadwell takes an exclusive look at three schemes providing new space for offices and shops in a tight West End market
198-202 Piccadilly/33-34 Jermyn Street, SW1
● 83,000 sq ft mixed-use scheme
● 20,000 sq ft of retail fronting Piccadilly and 12,000 sq ft fronting Jermyn Street
● Developer is Standard Life Investments
●Due for completion in May/June 2007
With very little space in the West End, strong hints of a prelet at Standard Life Investments’ 198-202 Piccadilly scheme come as no surprise.
The office element of the 83,000 sq ft scheme, seen in this exclusive image, has been linked with venture capitalist company Apax Partners, which has a longstanding requirement for space in the West End.
SLI is understandably tight-lipped. Mike Hannigan, pooled pension fund investment director at SLI, says: “We believe the completion of the Piccadilly/Jermyn Street development should see it well placed in a market of reducing supply. Although we are yet to start formal marketing, we would not be surprised if a major prelet was achieved.”
Many in the market would not be surprised either: “There are very few buildings available and there isn’t a lot coming through,” says James Maclachlan, partner at King Sturge.
Cardinal Place, SW1
Three main buildings connected by a glass podium comprising 16 Palace Street, 100 Victoria Street and 80 Victoria Street, totalling 573,340 sq ft
● Developed by Land Securities
● Predominantly office space with some retail at ground floor
● Rental level of around £55-65 per sq ft, depending on size of space, have been achieved
Think of Cardinal Place and two images come to mind – first the nose cone with its dramatic curves and second its glitzy launch last year. In some ways, Land Securities has succeeded in creating a landmark. At the very least, it has rejuvenated a corner of Victoria, creating some much-needed open space, as this picture shows.
Many see Cardinal Place as a symbol of how the West End market is evolving. Occupiers’ increasing desire to be close to main railway hubs is becoming more evident.
Cardinal Place, like other developments in Victoria, has capitalised on Mayfair’s shortage of large floorplates.
LandSec’s plans for a multi-tenanted building have yielded some success, with notable lettings to 3i and P&O.
10 Old Burlington Street, W1
● £50m, 40,000 sq ft retail and office scheme
● 12,000 sq ft of retail in which Pollen Estate has a retained an interest
● Joint development between Standard Life Investments and City & West End Developments
● Scheduled to complete in January 2007
Another building that appears to be hitting the market at the right time is 10 Old Burlington Street. As this picture, seen for the first time, shows, it will bring only a relatively small amount of space to the market, but this sort of space seems to be much in demand.
Nico Marshall-Lee, associate in West End agency at King Sturge, says: “We had a floor at 3 Burlington Gardens and were quoting £67 per sq ft. Good-quality stock will be taken up because demand is strong.”
It would not surprise many if 10 Old Burlington Street let before completion, as Marshall-Lee says there is a trend for this at the moment.
“If demand remains consistent then we will see all these new schemes taken up throughout the year,” he predicts.
