Four Takes Three Floors
Great Portland Estates plc has let 17,700 sq ft of office space at The Hickman development to integrated marketing and communications agency Four Communications Group Limited.
Four will occupy the offices on the fifth, sixth and seventh floors at The Hickmanon ten year leases (with a tenant break option in the seventh year), paying an annual rent of £1.1 million.
57,600 sq ft of office space is still available and negotiations are ongoing on 20,600 sq ft.
Four is currently an existing GPE occupier at New City Court, SE1 which they will vacate once the leases complete at The Hickman, thereby enabling the redevelopment of New City Court, subject to planning permission, to create a best in class office development of circa 370,000 sq ft (+380%).
The Hickman will comprise 75,300 sq ft of repositioned office space across seven floors. There are terraces on four floors in addition to a communal, landscaped courtyard on the ground floor. The reception area blends seamlessly into Makers Café which will shortly open to the public.
Portfolio Manager Rob Russell-Smith Senior commented: "This transaction typifies the approach of GPE in repositioning assets and developing strong relationships with our occupiers. We are delighted that Four has chosen to stay part of the GPE family and we look forward to continuing our relationship with them."
Nan Williams, Chief Executive at Four Communications Group, added: "This is a pivotal moment for us and we’re glad to have secured the premium floors of this outstanding building along with the coveted outside terraces that come with it. We would like to thank GPE for enabling us to make a seamless move to the new premises in a vibrant, diverse and up and coming area. The move also allows us to reconfigure our space to suit our new way of flexible working with less desking and more collaborative, project, social and event space – something our staff have told us they want."
Four will move into the new offices in Q1 2021.
04/12/2020 20:55 by Buildington
Great Portland Estates reports good leasing progress at The Hickman with 28% under offer (17,700 sq ft). The developer is currently exploring revenue share opportunities with flexible office space operators.
11/11/2020 16:19 by Buildington
17,150 sq ft of office space on levels 5-7 is now under offer, reports developer Great Portland Estates in its latest trading update. The Hickman reached practical completion in September.
12/10/2020 09:34 by Buildington
Practical completion was achieved at The Hickman last week. Three of the total eight floors at the 78,000 sq ft office development are now reserved. For availability please contact Colliers or Cushman & Wakefield.
29/09/2020 09:46 by Buildington
The Hickman is nearing completion and is expected to deliver the new 74,400 sq ft Grade A office and retail building in August 2020.
In the latest trading update, Great Portland Estates reveals it is currently in discussions with potential occupiers covering ca 41,000 sq ft of the office space.
12/07/2020 20:05 by Buildington
Completion at The Hickman is anticipated this summer, reports developer Great Portland Estates. 46% of the office space is currently under offer.
22/05/2020 10:05 by Buildington
Activities currently continue onsite at The Hickman site, reports Great Portland Estates in its latest trading update. Contractors have temporarily suspended activities at the Hanover Square W1 and Oxford House W1 development sites while they consider how they can continue to work within Government guidelines.
Read more from the developer's website Great Portland Estates gpe.co.uk.
03/04/2020 14:07 by Buildington
Great Portland Estates expects to deliver the new 74,700 sq ft Grade A office and retail building in May 2020.
Occupier interest in the building is encouraging and GPE is currently under offer with a partner to work with them to deliver a co-working offer for the basement, ground and first floors (together 17,300 sq ft).
Source: Great Portland Estates plc Trading update for the quarter to 31 December 2019.
15/02/2020 13:23 by Buildington
The Hickman topped out in October 2019 and Great Portland Estates expects to deliver the new 74,700 sq ft Grade A office and retail building in Q1 2020.
The building will be their most intelligent building to date. The integrated building App will deliver real-time data on occupancy, energy consumption, air quality, light and temperature to the developer and the occupiers, allowing better understanding of how the building is operating and being utilised.
Occupier interest in the building is encouraging and GPE is currently finalising terms with a partner to work with them to deliver a co-working offer for the basement, ground and first floors (together 16,000 sq ft).
Great Portland Estates is anticipating a profit on cost of 10.7% with average office rents across the building of around £51.55 per sq ft.
Source: Great Portland Estates in the results for the six months ended 30 September 2019.
16/11/2019 07:21 by Buildington
Great Portland Estates is in the process of selecting a partner to work with them to deliver a co-working offer for the basement, ground and first floors (together 20,600 sq ft). Average office rents across the building are expected to be around £51.40 per sq ft.
Via Great Portland Estates Trading Update 4.07.2019 gpe.co.uk.
13/07/2019 20:21 by Buildington
The demolition at The Hickman, formerly known as Cityside House, has finished and the construction of the new building has started.
GPE is targeting a profit on cost of 13.8% with average office rents across the building of around £51.40 per sq ft, with delivery now deferred to Q1 2020.
Visit the new website at the-hickman.co.uk.
Read more: Great Portland Estates results for the year ended 31 March 2019 gpe.co.uk.
22/05/2019 17:49 by Buildington
Great Portland Estates reports good progress at Cityside House development.
Demolition has completed and construction is progressing well. Marketing has commenced. GPE is exploring opportunities with co-working operators.
Source: Great Portland Estates plc results for the six months ended 30 September 2018 gpe.co.uk
23/01/2019 12:39 by Buildington
The demolition of the existing Cityside House has completed, the construction progressing well and marketing has commenced, reports Great Portland Estates.
The building will have an integrated building application providing real-time data (occupancy, temperature,
air quality and light, etc.).
The building is due to complete in Q4 2019.
Source: Great Portland Estates Half Year Results 2018 gpe.co.uk.
18/11/2018 09:44 by Buildington
Ellmer Construction has been awarded the contract to carry out the structural alterations, extension and refurbishment of Cityside House.
Byrne Bros. will be supporting Ellmer by constructing the reinforced concrete core which will be left exposed within the final scheme.
17/10/2018 11:05 by Buildington
Great Portland Estates has now stripped out the building,
commenced demolition and awarded the main construction contract. The existing building will be turned into 74,700 sq ft of Grade A office and retail space.
Average office rents are targeted across the building of around £51.40 per sq ft, with delivery expected in Q4 2019 following the opening of the nearby Whitechapel Crossrail station.
Source: Great Portland Estates trading update for the quarter to 30 June 2018.
05/07/2018 16:22 by Buildington