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Screen capture of 125 Shaftebury Avenue development on Almacantar's website www.almacantar.com

Screen capture of 125 Shaftebury Avenue development on Almacantar's website www.almacantar.com

28.09.2016

125 Shaftesbury Avenue

Address:
125 Shaftesbury Avenue, London WC2H 8AD
Type:
Mixed use
Completion:
1982
Viewed:
3992

Description of 125 Shaftesbury Avenue

125 Shaftesbury Avenue is a mixed-use development at the borders of Soho and Covent Garden in London WC2.

A 189,780 sq ft office building from 1982 will soon be redeveloped.

The property is situated close to world famous landmarks including the Royal Opera House and Covent Garden Piazza. It is just 2 minutes' walk from Tottenham Court Road tube and the new Crossrail station which is set to transform this location in 2018.

History

2017 June - Almacantar signs a lease with WeWork.

2013 July - Almacantar exchanges contracts with BlackRock UK Property Fund to acquire 125 Shaftesbury Avenue. The property was acquired on a freehold basis being multi-let to a variety of tenants including Gucci, Yahoo! Europe and Lloyds TSB Bank on leases generating an annual rent roll of £6.4 million, predominantly expiring in 2014/6. CBRE represented BlackRock UK Property Fund on the disposal.

Connected Companies

Developer:

News: (2)

Almacantar has signed a lease with WeWork.

The deal covers most of Almacantar’s Shaftesbury Avenue block and will involve WeWork undertaking a complete refurbishment of the Soho building.

WeWork’s Shaftesbury Avenue location is the 21st WeWork opening to be announced in the UK.

At the beginning of June 2017, the company signed to open a 280,000 sq ft co-working space at Almacantar’s Two Southbank Place, SE1, exposing Almacantar to a total of 420,000 sq ft of WeWork’s occupancy. The New York-based company is currently valued at $17bn (£13.2bn).

The red brick 125 Shaftesbury Avenue is a familiar West End landmark, built in 1982. It provides 190,000 sq ft of office and shopping space across ground floor and nine upper levels, and was expected to be redeveloped by Almacantar as part of the company’s ambitious West End development programme, which includes the residential conversion of Centre Point, WC1, and the redevelopment of Marble Arch Tower, W1.

The property was acquired on a freehold basis and multi-let to a variety of tenants including Gucci, Yahoo! Europe and Lloyds TSB Bank.

WeWork has 15,000 members in London across 14 buildings and accounts for 7.13% of total Central London take-up in the last 12 months. It ranks third across central London occupiers on take-up over the last 10 years.

Chief executive Hussey commented: “WeWork’s creative offering will fit perfectly in this part of Soho as Crossrail shifts the centre of gravity for the West End further east towards Charing Cross Road.

The co-working model is set to dominate the office leasing market for companies looking for more than just space. This transaction is in perfect harmony: it allows WeWork to satisfy the changing demands from occupiers and supports investment value for Almacantar through a long-term lease across the whole building.”

Via Almacantar almacantar.com 30th June 2017

05/07/2017 13:25 by Buildington

125 Shaftesbury Avenue development in London WC2 by Almacantar - new Buildington!

28/09/2016 12:00 by Buildington

*DISCLAIMER! Information on this page is for guidance only and remains subject to change. Buildington does not sell or let this property. For more information about this property please register your interest on the original website or get in touch with the Connected Companies.

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