Camden is typically viewed as a release valve for the West End during times of low supply, but we think that’s not the case.
You only have to look at a deal we signed recently at London & Regional’s Jamestown Wharf, breaking the record rent by as much as £10/sq ft and proving that Camden is a location where companies will pay to stay.
This beautiful 63,000 sq ft building on the canal had been under offer in its entirety earlier in the summer at £62/sq ft but just last month gaming company Starlizard, located nearby, came along with an offer L&R couldn’t refuse: £67.50/sq ft on five floors across 46,000 sq ft of space on the first three floors, plus ground and lower ground under a 10-year lease without breaks. We’ve subsequently just signed on the 4th floor to a tech recruitment firm called We Are Elements, leaving the 5,500 sq ft top floor available to let.
We’re delighted with these deals which have pushed rents on from the peak level we recently achieved at 10 Parkway, again on behalf of L&R. Not resting on our laurels, we have several other schemes in the vicinity, including amongst others: 210 Euston Road on behalf of the Wellcome Trust, where we’re on site to deliver 70,000 sq ft in Q2 2020, 206 Marylebone Road, where we are about to start on site to deliver 130,000 sq ft for Astrea in Q4 2020, and 20 New North Wharf in Kings Cross, which will be 30,000 sq ft on behalf of Savills Investment Managers. On all three schemes we are joint agents with Savills.
Jamie Shuttle, partner at Edward Charles, says: “Camden Town steeped in its rich & often-times notorious cultural history is an established and enviable business location. It has always been seen as a pressure valve in terms of West End supply, but it’s a vibrant submarket of London. It’s not where West End tenants go if they need to save a few pounds: it’s always been underpinned by good quality office space and if you build it you will let it.”
Businesses such as Hugo Boss, French Connection, Asos & Viacom have chosen Camden for their London headquarters.