London Square Works, the commercial division of developer London Square, has sold nearly £50m worth of commercial space across its developments – and created a £300m future pipeline.
More than 100,000 sq ft of commercial has been sold so far. London Square Works now has a pipeline of sites, with planning in place, of over 320,000 s ft of commercial space, worth £131m. There is also an additional 470,000 sq ft of commercial, currently going through the planning process, with an estimated value of nearly £170m.
London Square Works was formed last year 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.
In its latest deals, London Square Works has sold nearly 20,000 sq ft of commercial space at three of its prime mixed-use sites in the capital – Caledonian Road, Canada Water and Spitalfields. This includes four units at its flagship Cally Yard creative business community, totalling 9,000 sq ft, to leading HIV and sexual health charity Terrence Higgins Trust. Other units sold at Cally Yard include 1,750 sq ft to Real Response Media, a print and digital publishing company, and 1150 sq ft to a property business.
Cally Yard (www.callyyard.co.uk) encompasses 80,000 sq ft in total of high quality, bespoke contemporary offices which is offering business owners the rare opportunity to buy an individual office space, or there is the option to rent. It forms part of the award-winning London Square Caledonian Road mixed-use development, close to King’s Cross and with excellent tube and Overground transport links. 55,000 sq ft is still available.
London Square Works has also sold 2,400 sq ft of office space to LTS Architects at the London Square Spitalfields scheme, a boutique mixed-use development in Commercial Street, set around the Grade II listed Toynbee Hall.
At London Square’s mixed-use Canada Water development, three units with consent for A1, A3 and B1, totalling 5,400 sq ft, have sold to private investors. The area is part of the Canada Water masterplan to create 3,000 new homes, 20,000 jobs and new retail and leisure facilities. The total value of the deals across the three sites is around £8.15m.
London Square Works now has a formidable pipeline in place, with well-located sites across the capital. We build destinations of the highest quality to ensure that our developments flourish and become an integral part of the area. These latest sales demonstrate the value of creating exceptional commercial space to attract the best businesses that will bring jobs and help boost the local economy.
A further 132,000sq ft of commercial space is also available at London Square sites in Bermondsey, Staines and Neasden.
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, announced after the election that it is on the acquisition trail to expand the current land bank from £1.3bn to £2.6bn worth of assets, representing 4,500 homes.
London Square currently has 1,018 homes in production, forward sales of £180m and a land pipeline of 2,356 homes representing £1.3bn in gross development value. The company obtained a new £200m debt facility in 2018, securing the mid to long-term future of the company.