Central London Office Agency Spring 2018

Market Update Spring 2018

The Central London office market continues to be resilient. Despite the daily Brexit

headlines, demand for Central London offices remains very good.

I am coming across many businesses that operate without ‘borders’ so the uncertainty of

Brexit has less impact on them. An example of this are the Tech companies, which are

currently responsible for a large proportion of take-up. They can also influence a location

such as the recent opening of the new Facebook offices on Rathbone Place, just off Oxford

Street. This in my view has substantially improved the profile of the area.

The very top quoting rents for high end offices across the West End, Midtown, City and

South Bank have seen an adjustment from their peak, but nonetheless, there are still a

plethora of lettings. The one exception is the City market, which is naturally dominated by

the financial sector who perhaps are being more cautious than others, and as a result has

seen a larger adjustment in quoting rents.

Tenant demand across the whole of the Central London core remains good and I see no

reason why this will not continue.

We continue to be very busy acting for both landlords and tenants. It is important to keep a

watchful eye on the market and be aware of any change in circumstances. We pride

ourselves on being particularly market aware.

We adopt a proactive approach to all our dealings and remain confident that with the correct

strategy and tactics in place, we will continue to offer a successful letting and acquisition

programme. All our clients are provided with a first class, vigilant and proactive service.

I trust you will not hesitate to let me know when we can be of assistance.

Regards

Richard Spencer

Follow us on Twitter @HNG_Londonwww.hng.co.uk

richardspencer@hng.co.uk williamgyngell@hng.co.uk

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2 Cavendish Square, London W1Office letting - 4,000 sq ft (371 sq m)

78 Cornhill, London EC32,050 sq ft (190 sq m)

2 Queen Anne’s Buildings, London SW1Offices acquired for Inventages Venture Capital

Russell Square House, 10-12 Russell Square, London WC1Refurbishment advice and office letting for Epic UK - 60,000 sq ft (5,575 sq m)

2

Accurist House, 44 Baker Street, London W1Office letting for Lazari Investments5,600 sq ft (520 sq m)

120 Old Broad Street, London EC2Office letting for Epic UK - 13,000 sq ft (1,207 sq m)

Victory House, Leicester Square, London WC216,000 sq ft (1,486 sq m)

96-98 Baker Street, London W1Office lettings 5,000 sq ft (465 sq m)

32 Brook Street, London W1Refurbishment advice and office letting for ThreadneedleProperty Investments - 10,000 sq ft (930 sq m)

Watson House, 54 Baker Street, London W1Office letting - 2,925 sq ft (272 sq m)

One Dover Street, London, W1Office letting - 2,650 sq ft (246.2 sq m)

24-32 Stephenson Way, London NW1Refurbishment advice and office letting25,000 sq ft (2,300 sq m)

1-2 Berners Street, London, W1Office letting for Lazari Investments5,430 sq ft (504.5 sq m)

48-49 St James’s Street, London SW1Office letting for private clients 11,000 sq ft (1,022 sq m)

54

8 Sackville Street, London, W1Office acquired for FPE Capital

87-89 Baker Street, London W1Office lettings on behalf of private client -1,305 sq ft (121 sq m)

33 Cavendish Square, London W1Office letting for Fundsmith LLP

30 Farringdon Lane, London EC1Office letting for The Physiological Society3,670 sq ft (340 sq m)

3-5 Burlington Gardens, London W1Office letting for Epic UK - 9,000 sq ft (836 sq m)

Ruskin House, 40-41 Museum Street, London WC1Office letting for Pension Fund - 2717 sq ft (252.3 sq m)

Minster House, 42 Mincing Lane, London EC3Office Letting for The Clothworkers’ Company5,022 q ft (467 sq m)

10 Piccadilly, London W1Office letting for Jaegar Group - 12,000 sq ft (1,115 sq m)

76

14 Cavendish Place, London W1Office acquired for St. MaryleboneProperty Company

Alders House, 133 Aldersgate Street,London EC1Office sale for BACTA - 3,410 sq ft (316 sq m)

19-24 Dering Street, London W1Office and gallery letting for Legal and General Assurance Society23,000 sq ft (2,136 sq m)

12 Rushworth Street, London SE1Office letting for private clients - 9,110 sq ft (846.4 sq m)

143 New Bond Street, London W1Offices acquired for Ayyam Galleryand converted to a gallery

106 New Bond Street, London W1Office letting for private client 10,000 sq ft (945 sq m)

108 New Bond Street, London W1Office letting for private client

25 John Street & 17 John’s Mews, London WC1Freehold office sale for private client5,715 sq ft (530.93 sq m)

9 Argyll Street, London W1Refurbishment advice and office letting for Legal and GeneralAssurance Society

Winchester House, Old Marylebone Road, London NW1Office letting for Rank Group plc4,510 sq ft (418 sq m)

16 Babmaes Street, London SW1Offices acquired for Criterion Capital

15 Babmaes Street, London SW1Office letting with change of use to fitness club - 3,290 sq ft (305.7 sq m)

98

1 Love Lane, London EC2Refurbishment advice and office letting for Epic UK9,476 sq ft (880.3 sq m)

Becket House, 36 Old Jewry, London EC2Office acquired for Penfield Marine

7 Praed Street, London W2Office letting for private client - 5,500 sq ft (510 sq m)

1 Craven Hill, London W2Office letting for private landlord - 12,000 sq ft (1,115 sq m)

25-27 Shaftesbury Avenue, London W1Office letting for private client - 9,500 sq ft (882 sq m)

Harmont House, 22 Harley Street, London W1Medical suite lettings

8 Weymouth Mews, London W1Refurbishment advice and office letting for The Academy of Medical Sciences - 1,510 sq ft (140 sq m)

131 & 157 Edgware Road, London W2Office letting for Criterion Capital - 16,000 sq ft (1,486 sq m)

77 Mansell Street, London E1Office letting for Development Securities PLC5,580 sq ft (518 sq m)

10-12 Eastcheap, London EC3Offices acquired for Information Security Forum

1-2 St Andrew’s Hill, London EC4Office Acquisition for Devbulk London Ltd

1110

SOUTH MOLTON STREET, W1 Acting for landlords we have

provided refurbishment advice and arranged office lettings.

44 South Molton Street, London W1Office letting - 625 sq ft (58.06 sq m)

42 South Molton Street, London W1Office letting - 1,500 sq ft (139 sq m)

21 South Molton Street, London W1Office letting - 1,800 sq ft (167 sq m)

19 South Molton Street, London W1Office letting - 1,455 sq ft (135 sq m)

17 South Molton Street, London W1Office letting - 895 sq ft (83 sq m)

16 South Molton Street, London W1Office letting - 900 sq ft (83 sq m)

56a South Molton Street, London W1Office letting - 1,500 sq ft (139 sq m)

54 South Molton Street, London W1Office letting - 1,660 sq ft (154 sq m)

47 South Molton Street, London W1Office letting - 1,200 sq ft (111 sq m)

5, 6 and 7 South Molton Street, London W1 59 - 62 South Molton Street, London W1Office lettings5 South Molton Street - 400 sq ft. (37.16 sq m)6 South Molton Street - 410 sq ft. (38.09 sq m)7 South Molton Street - 415 sq ft (38.55 sq m)

Upper parts letting59 – 62 South Molton Street - 4,630 sq ft (430 sq m)

Manning House, 22 Carlisle Place, London SW1Office letting for Agelef Shipping - 8,000 sq ft (743 sq m)

1312

1 Duchess Street, London W1Office letting for private client

80-86 Grays Inn Road, London WC1Offices acquired for International Institutefor Environment & Development 12,000 sq ft (1,114 sq m)

101-105 Goswell Road, London EC1Refurbishment advice and office letting to ZahaHadid Architects - 18,760 sq ft (1,745 sq m)

1 Islington High Street, London N1Refurbishment advice and office letting for private clients - 8,000 sq ft (743 sq m)

16 Stratford Place, London W1Office letting for private clients 5,000 sq ft (465 sq m)

2 Stratford Place, London W1Office letting for Transport for London6,300 sq ft (585 sq m)

87-91 Newman Street, London, W1Office letting for Lazari Investments - 20,160 sq ft (1,873 sq m)

Capital House, 25 Chapel Street, London, NW1Office letting for Epic UK - 70,000 sq ft (6,500 sq m)

1514

22 Bruton Street, London W1Office letting for private client9,000 sq ft (836.12 sq m)

86 Hatton Garden, London EC1Office letting for the Industrial DiamondCompany - 1,765 sq ft (164 sq m)

157 Piccadilly, London W1Office letting - 3,500 sq ft (325 sq m)

43 Portland Place, London W1Refurbishment advice and office letting for Architects Benevolent Society - 10,000 sq ft (929 sq m)

1 Bell Yard, London WC2Office letting for private clients

Coin House, 2 Gees Court, London W1Office letting for Bank Leumi 3,215 sq ft (299 sq m)

Caroline House, 55-57 High Holborn, London WC1Offices aqcuired for AWC

Alhambra House, Charing Cross Road, London WC2Office letting for Criterion Capital 14,000 sq ft (1,300 sq m)

146 New Cavendish Street, London W1Office letting for landlord - 4,000 sq ft (372 sq m)

175-176 Tottenham Court Road, London W1Offices acquired for BMB Clothing

305 Great Portland Street, London W1 Office letting for Transport for London - 3,900 sq ft (362 sq m)

41-44 Great Queen Street, London WC2Office acquired for Proteus Digital Health

1716

28-34 Wigmore Street, London W1Office letting for Howard de Walden Estate - 5,090 sq ft (473 sq m)

83 Marylebone High Street, London W1Office letting for Howard de WaldenEstate - 590 sq ft (54.81 sq m)

9 Wimpole Street, London W1Office letting for Howard de WaldenEstate – 1,755 sq ft (163 sq m)

53 Queen Anne Street, London W1Office letting for Antique Wine Company4,480 sq ft (416 sq m)

1 Bentinck Street , London W1Office letting for Howard de Walden Estate730 sq ft (67.82 sq m)

36-38 Wigmore Street, London W1Office letting for Howard de Walden Estate1,310 sq ft (121.7 sq m)

20-27 Thayer Street, London W1Office letting for Howard de Walden Estate 2,445 sq ft (2,257 sq m)

3 Wimpole Street, London W1Office letting for Howard de Walden Estate 1,510 sq ft (140 sq m)

31 Harley Street, London W1Office building acquired and planning consent obtained for medical use3,000 sq ft (279 sq m)

MARYLEBONE OFFICES, W1

47-57 Marylebone Lane, London W1Office letting for Howard de Walden Estate1,749 sq ft (162 sq m)

18 1918

Office Agency

The Central London Office Agency team is headed by Richard Spencer.

Richard has in excess of 20 years experience concentrating on theCentral London office market.

A broad spread of clients includes financial institutions, propertycompanies, private and publicly quoted companies.

Meticulous care is taken to understand and fulfil clients’ requirements forboth acquiring and disposing of property.

Our Services

HNG are an established independent firm of chartered surveyors.

We provide comprehensive, expert advice on commercial and residentialproperty. We are dedicated to providing every client with an exceptionallevel of service.

From our central London office in Chandos Street we provide acomprehensive range of property services:

s Central London Office Agency

s West and South West London Office Agency

s Landlord and Tenant

s Arbitration

s Leasehold Enfranchisement

s Rating

s Commercial and Residential Management

s Investment and Development

s Commercial and Residential Valuation

s Leisure

s Property Accounting and Insurance

Refurbishment Projects

32 BROOK STREET, LONDON W1

Before

After

Before

After

Before

After

143 BOND STREET, LONDON W11 ISLINGTON HIGH STREET, LONDON N1

In tandem with our clientsThreadneedle Property Investmentsthe refurbishment of this floorfocused on reflecting the spirit ofits location. The plastered ceilings,Thorn lighting and big ironcasement windows create a brightsuite that reflects both the smartMayfair address and the vibrancy ofthe pedestrianised shoppingdestination, South Molton Street,that it overlooks.

A comprehensive refurbishment ofall five office floors transformed thispreviously dark and crampedbuilding into a dynamic andprogressive working environment.A new, impressive glass frontedentrance to a contemporaryreception and the addition ofwooden floors and high endfinishes throughout mean thishistoric and prestigious landmarkbuilding now looks as good on theinside as it does on the out.

Retained to find a new premisesfor an internationally renownedgallery in a prime location wemanaged to find a Bond Streetaddress where we took officespace and secured a change of useto art gallery. The removal of thesuspended ceiling to expose thepipework and the polished pouredconcrete style flooring create acontemporary, urban feel whichperfectly showcases their art.

Below are examples of refurbishments for which we have provided advice and input.

2020

A&S Leisure GroupAIB GB plc

Architects Benevolent SocietyBannatyne Fitness

Barclaytrust (Suisse) S. A.Bickenhall Mansion Freehold Ltd

British Sky BroadcastingCity of London Corporation

The Clothworkers’ CompanyCLSH plc

Commercial Estates Group LimitedCo-op Pension Fund

Coutts and CoCredit and Mercantile Bank plc

Credit Suisse Asset ManagementCriterion CapitalCrown Estate

Derwent London plcDevbulk London Ltd

Development Securities plcEpic UK

Girobank plcHDG Limited

Hilton WorldwideHoward de Walden Estate

HSBC Bank plcHugh Langmead Limited

ING Real Estate Jaegar Group

J D Wetherspoon plcLaSalle Investment Management

Lazari InvestmentsLegal and General Assurance Society Limited

LHA London LtdLondon Property Holdings Ltd

Maxicorp GroupMerchant Investors Assurance Company Limited

Mizrahi Tefahot Bank LtdNational Football League

National Westminster Bank plcO & C Group

The Physiological SocietyPrime Commercial Properties plc

Radisson Edwardian HotelsRank Group plc

Romulus Investments LimitedRoyal Bank of Scotland Group plc

The Royal Borough of Kensington and ChelseaRoyal Institution of Chartered Surveyors

Southern Properties LimitedSt Marylebone Property Company plc

The Academy of Medical SciencesThe Huggler Group

Threadneedle Property Investments LimitedTransport for London

William Pears

CLIENTS INCLUDE

7-10 Chandos StreetCavendish SquareLondon W1G 9DQ

T 020 3205 0200

www.hng.co.uk