Morgan Pryce has recently completed the acquisition of 5,000 sq. ft. office space in the heart of Waterloo. Morgan Pryce acted on behalf of a large charity that is currently located in Victoria. As with most of the offices in Victoria, at present, the building they are in has plans for redevelopment into residential, and with residential values 3/4 times as much as commercial the landlord has unsurprisingly taken the decision to serve notice to all the current tenants in the building.

The main landlord in the Victoria area, particularly around the station is Land Securities, who have recently completed on a number of new developments in the area, most notably 123 Victoria Street, and further redevelopment and refurbishments of current buildings. They have also recently achieved planning permission to redevelop Great Portland House in to a residential building and therefore have served notice on the existing tenants. 

London Waterloo, the new home for our charity client, is now looking like it will have the same fate as Victoria with huge plans for further redevelopment and development within the area. The building we managed to secure for our clients could only offer a lease for a term of 3 years as the landlord their also had plans to try and change the user class in residential. Luckily, our clients were looking for that flexibility and with the reduced rent and a healthy rent-free period they decided to sign a lease, knowing probably in 3 years’ time London Waterloo would have started its transformation and development would be ripe in the area. 

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. View other articles by Morgan Pryce