Victoria has been shadowed by cranes for quite a while now and the market has been eagerly awaiting new stock to come to the area. As the area develops and enjoys reunification, office prices creep up to reflect the new and improved Victoria.
As the 25,000 sq. ft. building at 62 Buckingham Gate fills up to 96% vacancy, the rents being achieving have reached beyond the £70 per square foot mark. Tenants who traditionally home themselves in Mayfair are moving across into Victoria. It is also becoming an attractive destination for media firms as the new developments feature a fresher image than the traditional buildings found in Victoria.
A recent sale in the area shows a high increase in value, 39 Victoria Street was sold by British Land to Ho Bee Land for £144 million after acquiring it in 2009 for £40 million and adding a substantial refurbishment. High quality refurbishments in Victoria are going to attract a high calibre of occupiers and this is reflected in the value of building.
Teresa Beatty a commercial surveyor at Morgan Pryce says “Victoria has a lot more to offer than being extremely accessible and businesses which want a location that is widely known are more often opting for office space in Victoria, the new developments are eagerly anticipated.”
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.
