London Square Works, the commercial division of developer London Square, has witnessed a bounceback in demand for space, sealing four deals with The Co-op, The Gym Group and Instant Offices.
These lettings encompass nearly 36,000 sq ft of commercial space at three of London Square’s prime mixed-use sites in greater London – Bermondsey, Caledonian Road, and Staines-upon-Thames.
In north London, at Cally Yard (www.callyyard.co.uk), The Gym Group has taken 12,000 sq ft of space for a gym and fitness centre. Instant Offices has taken nearly 14,000 sq ft of space, on behalf of the Department of Work and Pensions, for a Job Centre Plus. Cally Yard encompasses 80,000 sq ft in total of high quality, bespoke contemporary offices, for sale or rent. It forms part of the award-winning London Square Caledonian Road mixed use scheme with 252 apartments, close to King’s Cross and with excellent tube and Overground transport links. 50,000 sq ft is still available.
Two major deals have been signed with The Co-op, which plans to open a store at London Square Bermondsey, subject to planning, within The Pickle Factory development, a converted Victorian warehouse and factory where Branston pickle was made for over 40 years. The Co-op has taken a double fronted two storey unit of 4,920 sq ft. London Square Bermondsey is a new neighbourhood in SE1, with 406 new homes, landscaped gardens and gallery and studio space for Tannery Arts, a Bermondsey-based charity working with emerging artists, schools and the community. West of London at Staines-upon-Thames, The Co-op has taken 4,300 sq ft at London Square’s flagship £120m high street mixed-use scheme, comprising 362 apartments, a gym and landscaped green spaces. The Co-op has a prominent frontage on London Road and is the first commercial letting, with two additional units available.
We are seeing a significant post-lockdown demand, which demonstrates the appeal of high quality space in a good neighbourhood location to retailers, leisure and office-based businesses. Following the pandemic, there is a renewed focus on staying local, with people wanting to shop and spend time near where they live and work, which is excellent news for businesses and the local economy.
London Square Works was formed in 2019 to handle the commercial space created in London Square mixed use schemes across the capital, which feature office and co-working hubs, gallery space and studios, shops, cafes, food stores and even a specially designed community theatre.
London Square, which has an outstanding track record for tackling complex sites across Greater London, delivering a mix of affordable, homes for private sale, community facilities and commercial space, is on the acquisition trail to expand the current land bank from £1.3bn to £2.6bn worth of assets.