Derwent London has pre-let three more floors of 1 Soho Place W1 to Apollo Management International, LLP, an affiliate of Apollo Global Management, Inc., the global alternative investment manager.
Apollo will take the second, third and fourth floors totalling 83,100 sq ft which represents 43% of the office space in this building. They have committed to a 15-year lease with five-year rent reviews. Including the previous pre-letting announced earlier this year, 96% of the office space in this building, or 76% of the commercial space in the entire development including 2 Soho Place, is pre-let. In addition Apollo has an option to take the remaining 5,200 sq ft of offices on the first floor.
The AHMM-designed scheme located over the Tottenham Court Road Elizabeth line and Underground station will total 285,000 sq ft in two buildings comprising: 1 Soho Place 192,000 sq ft of offices (mostly pre-let to Apollo and G-Research) with 36,000 sq ft of retail space and 2 Soho Place 40,000 sq ft theatre (which is pre-let) and 17,000 sq ft offices. Completion is expected towards the end of 2021. The development occupies a gateway position at the junction of Oxford Street and Charing Cross Road. It forms a significant part of the major upgrade of the area at the eastern end of Oxford Street.
Paul Williams, Chief Executive of Derwent London, commented:
“The fact that we have pre-let virtually all the office space at 1 Soho Place two years ahead of completion and on fifteen-year terms to international occupiers of the calibre of Apollo demonstrates the quality of our product, as well as the re-establishment of the area as a core West End mixed-use location. A position that will be enhanced by the expected opening of the Elizabeth line next year. The pre-letting market continues to be extremely strong across central London.”
Rob Seminara, Head of Europe and Senior Partner at Apollo, added:
“We are pleased to announce the lease of this exciting new office space in London as we continue to expand our European platform. This larger and state-of-the-art office gives us the potential to grow our business from our main European hub and further strengthen Apollo’s position as one of the world’s leading alternative asset managers.”
05/11/2019 09:39 by Buildington
First Office Pre-Let
Derwent London has pre-let the top six floors of 1 Soho Place W1 to G-Research, the financial data research and software development company.
G-Research will take 102,600 sq ft of offices, which represents 53% of the office space in this building, or 42% of the commercial space in the entire development including 2 Soho Place.
G-Research has committed to a 15-year lease at a rent of £9.7m pa, with five-year rent reviews, no breaks and incentives in line with our other recent lettings.
Completion of the AHMM-designed scheme is expected in the first half of 2022.
John Burns, Chief Executive of Derwent London, commented: “We are delighted to have secured our first major pre-let at Soho Place at such an early stage to a growing leading-edge business. The pre-letting reflects the quality of our product, the site’s attractions and London’s continuing appeal. Adding this transaction to our successes at Brunel Building W2 and 80 Charlotte Street W1 takes our current pre-let space to over 650,000 sq ft representing £48m of additional rental income.”
Cushman & Wakefield, Knight Frank and JLL acted for Derwent London.
Knight Frank Occupier Team acted for G-Research.
04/05/2019 17:33 by Buildington
Laing O'Rourke has signed a £195m construction contract for Soho Place development.
Appointed preferred bidder by Derwent London in July 2018, Laing O'Rourke has been delivering enabling works for the project. Today marks the official start of main construction with the team concentrating on some challenging piling above and around the web of services and tube lines that sit below the site. The development is expected to complete in November 2021.
Liam Cummins, Head of UK Building for Laing O’Rourke commented: “We look forward to delivering Soho Place, further strengthening our partnership with Derwent London. This will be a landmark project, sitting at 1 Oxford Street, and interconnected with the Crossrail upgrades to Tottenham Court Road, which we are also delivering. Laing O’Rourke has the ability to drive certainty into the delivery programme through our in-house capabilities along with a fully integrated supply chain and advanced digital engineering and offsite manufacturing. The project is in total alignment with our 2025 mission to be the recognised leader of innovation and excellence in the construction industry.”
Richard Baldwin, Head of Development of Derwent London, added: “We are very excited about the prospects for Soho Place, which will be a great building in one of the best locations in London. We are also very pleased to be working with Laing O’Rourke, who we believe have the capabilities to deal with the complexity of the site.”
26/02/2019 10:51 by Buildington
Construction at Soho Place is due to start in early 2019.
Via Derwent London Interim 2018 Results, 09 Aug 2018 derwentlondon.com.
09/08/2018 09:40 by Buildington
Crossrail handed over the site of Soho Place W1 to Derwent London in January 2018 enabling them to begin preliminary work.
Source: Q1 2018 Business Update by Derwent London derwentlondon.com
10/05/2018 11:09 by Buildington
Plans are on track for Soho Place, reports Derwent London. The work on the mixed-use 285,000 sq ft development will start in H2 2018. This is one of the most strategically important sites in central London, located above the Tottenham Court Road Crossrail station at the eastern end of Oxford Street.
Read more: Derwent London plc Third Quarter Update 2017 at derwentlondon.com.
09/11/2017 17:57 by Buildington
1 Oxford Street development could commence in 2018, reports Derwent London in Interim Results for 2016.
Source: Derwent London derwentlondon.com
12/08/2016 11:39 by Buildington
Crossrail and Derwent London are on track with 1 Oxford Street W1.
The initial agreement to develop the site above the existing Tottenham Court Road London Underground station was agreed in 2007 and the Group surrendered its existing holdings in the area in 2009. The revised agreement sets out the terms whereby Derwent London will once more own the key interest in one of the best placed redevelopment sites along the whole Crossrail route.
Derwent London, in co-operation with Crossrail Limited, achieved planning in 2012 for an AHMM designed 275,000 sq ft landmark development comprising 204,000 sq ft offices, 37,000 sq ft retail and a 34,000 sq ft 350-seat theatre. The Group will enter a new 150-year lease in return for the payment of £55m. This only becomes payable once the development reaches practical completion. Crossrail Limited will receive a ground rent equivalent to 5% of the rent on the commercial space and receive 16% of any development profit. Work is due to start in Q1 2018.
Tottenham Court Road Crossrail station will be one of the highest profile stations on the Crossrail route. Crossrail, Transport for London and the London Borough of Camden are undertaking a huge transformation of the area through the introduction of new infrastructure, as well as vital investment in the surrounding public realm which is one of the biggest investments in the West End for decades. This will include the creation of a new piazza at St Giles Circus. 1 Oxford Street forms the west side of this major area of regeneration providing a new West End theatre, and public space between our two buildings that link the new piazza with Soho Square.
John Burns, Chief Executive Officer of Derwent London, commented:
“1 Oxford Street is one of the best addresses in London. We are very excited by the potential of this project and the area, which will be transformed by the opening of Crossrail in 2018. Derwent London will own over two million sq ft in the immediate vicinity and is making significant investments to improve the area including our recently completed office and retail projects at 1-2 Stephen Street and Tottenham Court Walk respectively which has helped kick-start the regeneration of Tottenham Court Road.”
Ian Lindsay, Crossrail Land & Property Director, commented:
“The £1bn redevelopment of Tottenham Court Road station provides a once in a generation opportunity to revitalise the eastern end of Oxford Street. We are delighted to be working with Derwent London on this flag-ship scheme which will deliver high quality buildings above our station and at the same time generate a very significant contribution to Crossrail’s funding envelope. Crossrail will transform rail travel in London and the South East, providing much needed additional transport capacity, reduced journey times and new journey opportunities.”
14/07/2015 23:56 by Buildington
Derwent London, in collaboration with Crossrail Limited, has submitted a planning application for a mixed-use scheme at 1 Oxford Street, London W1. The proposed scheme, with a total net lettable area of 275,000 sq ft (25,500m2), would be built above the Tottenham Court Road Crossrail and London Underground Station following the completion of the upgrade works,
expected to be in 2017. At this time the Group has an option to reacquire the site which was compulsory purchased by Crossrail in 2009.
Working with architects Allford Hall Monaghan Morris, the proposals are for two striking buildings overlooking an attractive new public square that links Charing Cross Road to Soho Square. The larger building stands on the corner of Oxford Street and Charing Cross Road and incorporates the station entrance, along with 37,000 sq ft (3,400m2) of retail space and 177,000 sq ft 2 (16,400m2) of offices over eight floors above.
Complementing this, to the south is a selfcontained 34,000 sq ft (3,200m2) 350-seat theatre, with 27,000 sq ft (2,500m2) of offices above.
The theatre has been designed in collaboration with Nica Burns and her company Nimax Theatres, a leading London operator, and offers a highly versatile performance space which promises to become a significant landmark within the West End's Theatreland.
John Burns, Chief Executive at Derwent London, commented:
“This planning application is an important step in the much needed revitalisation of the eastern end of Oxford Street and is essential for the long-term growth of Fitzrovia and Soho. These are important villages for both London and the Group, where we have holdings of over 1.5 million sq ft, including several of our major future projects such as Central Cross and the Saatchi site at 80 Charlotte Street.”
Source: Derwent London
19/10/2011 16:58 by Buildington