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Home , Bloomsbury, Centre Point, Charing Cross Road, Fitzrovia, Soho, St Giles Circus

St Giles A renewed Quarter emerges

01 ST GILES A RENEWED LONDON 02 ST GILES A RENEWED LONDON QUARTER EMERGES QUARTER EMERGES

St Giles at-a-glance

Prime retail rents have increased by 12 c.75% since 2012 400,000 sq ft c.75% +6.6%

Over 400,000 sq ft of new In 2015, annual shopper retail lettings since Primark footfall in the area increased opened in 2012 12 UK flagship stores by +6.6% to 54.3m

2015 office investment 60,000 sq ft volumes reach 8-year of new and high of £343m in 2015 refurbished 4 places to eat 830,000 and drink sq ft

Media & Tech businesses 60,000 sq ft increasingly dominate office market – more than 830,000 sq ft of space 4 established hotels £343m acquired since 2000

Sources for pages 01 & 02: Colliers International, Property Data, Springboard / BRC, AM:PM 03 ST GILES A RENEWED LONDON 04 ST GILES A RENEWED LONDON QUARTER EMERGES QUARTER EMERGES

St Giles area boundary map St Giles: a renewed London Quarter emerges

Until comparatively recently the area of London around the intersection of , New Oxford Street, Court Road and Road was only known for – the iconic high-rise building around which the busy traffic system flows.

EET TR S GE Rather than a destination in itself, it was somewhere that Londoners passed through. OD GO The shopping was lacklustre and it was largely shunned as an office location.

T O However, in the past decade, as the neighbouring areas of , and have T T E flourished, the area around Centre Point has become a focus for new development. This trend is also N H A being driven by the development of the new station which, when M C O complete, will see more than 100m passengers move through it each year – three times more than U R T the current volume. R O A D Emblematically, Centre Point itself is now the subject of redevelopment: its tired office accommodation is being comprehensively refurbished to provide contemporary living spaces and a new public square with a vastly improved environment around its base.

This injection of capital and people means this area of London stands on the verge of an exciting EET STR ORD OXF new phase of its evolution. NEW For the purposes of this research, we have named the area ‘St Giles’. This research observes recent and future changes to the dynamic in the area. With Facebook deciding to locate its new HQ on the OXFORD STREET border of this emergent new quarter of London, it will undoubtedly reinforce the area’s credentials as a major Media & Tech hub while high quality office, retail and mixed-use developments by E U N Almacantar, Great Portland Estates plc ‘GPE’, Derwent London, Exemplar, Shaftesbury, Ponte Gadea E V A and Consolidated Estates will boost the area’s evolution.

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Shoppers lead way as retail booms For so many years, this part of the was virtually a shopping desert, but now after the opening of a 140,000 sq ft Primark store we’re seeing a procession of domestic and international brands establishing flagships stores, including Benetton, Zara, Next and The launch of Primark’s second flagship store at the eastern end of Oxford Street in September 2012 was a significant catalyst for the shopping scene in St Giles. New Look. The importance of this cannot be understated because it generates huge footfall, which in turn drives the emerging restaurant Since the launch of the 149,000 sq ft store, the area continues to transform itself with the opening of new flagship stores by retailers who are keen to have a foothold prior to the opening of Crossrail in December 2018. Commencing and bar scene. The location is becoming a major and exciting piece in the with Primark, over 400,000 sq ft of new retail lettings have been confirmed, including a dozen flagship units, complemented by a range of food and beverage lettings at Central St Giles and Tottenham Court Walk. West End’s retailing jigsaw.

More feet on the streets Paul Souber Head of Retail Agency London and EMEA Retail Following the launch of the Elizabeth line at Tottenham Court Road in 2018, expected passenger numbers at the station are to rise by 33% to more than 200,000 every day. Whilst the full launch of the new Crossrail service will be Colliers International the primary driver of higher levels of footfall in the area, the launch of the key flagship retail stores and new office space are likely to also contribute to higher pedestrian foot flow. Analysis has been undertaken to understand the relationship between the regeneration of the St Giles region and footfall levels, identifying a key trend between New schemes shaping the offer station redevelopment and Oxford Street East footfall. Derwent London’s Tottenham Court Walk has delivered nine new names to the area including Planet Organic and a 7,000 sq ft flagship with a café, bar and 2011 saw the highest levels of footfall in the area over the last five years, over 60 million visitors over the full pop up cinema. The scheme has also signed a new UK retail market entrant – T2, an year, representing 165,000 people every day. The primary driver behind this was the closure of the Northern line Australian born tea retailer. DF Mexico, a new restaurant concept from the owners of at Tottenham Court Road, which led to a 10% increase in station usage at . With the Northern line re- Wahaca also signed a lease to take its second London restaurant in the scheme and, opened in 2012, footfall remained largely flat at just over 50 million between 2012-14, despite Primark’s opening. in July, Fabled by Marie Claire, a joint venture with Ocado, announced its first opening Since 2014, and the launch of 11 new operators, footfall on Oxford Street East has markedly improved – showing a in a 7,500 sq ft unit. rise of 6.6% in 2015, an annual total of 54.3 million. Whilst the improvement in the vibrancy of the retail offer in the area has clearly been a driving factor behind improved figures, lack of Central line access at Tottenham Court Road On the southern side of Oxford Street, a number of new retailers have already during 2015 undoubtedly skewed the figures as, again, more passengers made use of Oxford Circus. launched stores, including a 35,000 sq ft Zara, which joins Tiger, Office and Whittard of Chelsea. The completion of the GPE development at 73-89 Oxford Street in May The new station exits for Tottenham Court Road and increased passenger numbers resulting from Crossrail will 2017 will see the launch of two further flagship stores from New Look (32,000 sq ft) transform pedestrian movements in the area. New pedestrian routes through Rathbone Square and flowing out from and Benetton (15,000 sq ft). the Centre Point square will improve access to areas around , , Soho and Covent Garden. Key stakeholders in the surrounding area, like Shaftesbury, can look forward to an upside. On the northern side of Oxford Street, phase 2 of the Oriana development, a joint venture between Land Securities and Frogmore, was sold prior to completion to Ponte Gadea and will deliver 76,500 sq ft of pre-let retail space next door to Primark in November 2016. In addition to a 41,000 sq ft extension to Primark (creating a Source: Springboard / BRC 190,000 sq ft store), Hawes & Curtis (6,000 sq ft), Skechers (8,000 sq ft) and Schuh (11,500 sq ft) will launch new stores when the development completes in November 2016. Whilst being slightly outside the St Giles boundary, Next is undertaking a Tottenham Court Walk significant redevelopment of the Plaza Shopping Centre, knocking all units together to create a 73,000 sq ft store. 07 ST GILES A RENEWED LONDON 08 ST GILES A RENEWED LONDON QUARTER EMERGES QUARTER EMERGES

St Giles is set to become a major transport hub serving the retail arteries of Tottenham Court Road and Oxford Street in the heart of London’s West End. We look forward to playing our part in helping to shape the changes taking place; for the benefit of business and those working and living in the area. The Fitzrovia Partnership

Values rising as retailers arrive On the back of flagship lettings at the eastern end of Oxford Street, prime Zone A rents and values have risen sharply over recent years. Rental tone on the street has shifted with almost every new letting following the opening of Primark in 2012. By 2013, following five years of very modest rental growth, prime rents had risen to £475 per sq ft. 2013 and 2014 saw a 5% rise to £500 Zone A rents, following lettings to Office, Tiger and Whittard of Chelsea. Since 2014, major flagship lettings to Zara and New Look pushed Zone A rents further – Zara’s 35,000 sq ft store saw a 20% rise to £600 per sq ft. New Look pushed the record level even further to £700 per sq ft, representing a 75% rise in Zone A rent against pre-Primark in 2012.

While the east / west differential in rents on Oxford Street has closed significantly, parity may be held back in the short-term by a combination of appropriate sized units and the forthcoming business rates revaluation. What may be required is another step change in the retail offer by way of a new department store.

Oxford Street East – Prime Zone A Rent

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Source: Colliers International 73-89 Oxford Street 09 ST GILES A RENEWED LONDON 10 ST GILES A RENEWED LONDON QUARTER EMERGES QUARTER EMERGES

More to eat and drink

Transforming the iconic Centre Point building into superb new

homes is one part of the equation; we also want to create a new This important and fast-changing area of the West End dining scene has been divided into five zones based on the historic character of the restaurant and bar mix. 60,000 sq ft of new and refurbished food and beverage space has unique dining destination for . recently been occupied in this area, with a further 35,000 sq ft in the pipeline.

Almacantar With new food and drink developments planned in most of these zones over the next five years, it will be fascinating to track the changes in mix, unit size, values and rents.

Dining clusters Fitzrovia South

• Established restaurant destination, particularly leading into the southern end of Charlotte Street. FITZROVIA COURT ROAD • Predominantly independents and higher end national chains occupying small, historic units many of which have • 25,100 sq ft existing • 26,800 sq ft existing some outdoor seating. outlets 1,100 sq ft outlets 2,700 sq ft average unit size average unit size • Rathbone Square development will provide one signature restaurant, with the potential to be complemented by • 0 new/refurbished units • 4 new/refurbished one or two quality coffee offerings. This is likely to borrow from the character of the area attracting upmarket, trading units trading independent operators. T O • c. 5,000 sq ft new outlets proposed T • c. 5,000 sq ft new outlets proposed T E N H • 59% independent restaurants A THE AVENUE • 10% independent restaurants M C EXEMPLAR O U R EET T TR R L S A R EL O SS T RU QUADRANT H A EAT B D GR O N E P L • A handful of small, independent food and beverage operators continue to trade in this area, which has been long A RATHBONE C • 35,000 sq ft existing E SOHO SQUARE SQUARE outlets 2,700 sq ft blighted by hoardings and reduced visibility. EET D STR XFOR EW O average unit size N • Historically, the north east part of Soho has been central to London’s entertainment and restaurant scene, but • 10,300 sq ft existing • 8 new/refurbished ET D STRE outlets 1,000 sq ft OXFOR units trading major works have fragmented the existing offer. C CENTRE average unit size DERWENT H A POINT R • 0 sq ft new outlets proposed I N • 0 new/refurbished units G • The completion of works and resultant opening up of the streetscape through to the new theatre, square and two

T C H R • 15% independent restaurants O E T trading A S EE Elizabeth line concourses will provide a significant opportunity for a more coherent offering in the future. S T R T R R S O K E R • Unknown new outlets proposed SOHO SQUARE A A D M EN ST GILES • 70% independent restaurants D • 36,100 sq ft existing Tottenham Court Road outlets 3,300 sq ft average unit size • The completion of Tottenham Court Walk has increased the average unit size of the food and drink provision. These • 8 new/refurbished refurbished, larger units have attracted a mix of independents and brands. units trading • c. 45,000 sq ft of retail and • The new flagship Waterstones which opened in December 2015 includes both a bar and a café. KEY F&B outlets proposed • 45% independent restaurants • The 14,000 sq ft of retail and leisure space at Exemplar’s The Avenue is likely to have a food and drink element, which we anticipate being occupied by high footfall brands in keeping with the immediate surrounds. Sub-area Vacant F&B unit National Chain Major new development Crossrail/Elizabeth line entrance London Brands Existing F&B Independent 11 ST GILES A RENEWED LONDON 012 ST GILES A RENEWED LONDON QUARTER EMERGES QUARTER EMERGES

Bloomsbury Quadrant As a major investor in the area, it is good to see how key • This area surrounding the and Congress Centre has struggled to find an identity, with small ownerships are ensuring that the opportunity presented by units and lower footfall. Crossrail to regenerate the East end of Oxford Street and Tottenham • The new restaurant terrace on New Oxford Street, however, has significantly improved the food and drink offer, with openings from Shake Shack, Ichiryu, Kimchee and Manitoba Tigella – branded restaurants with the majority Court Road to its rightful position in the heart of London is not missed. of their UK representation in London.

• Any further improvement is likely to wrap around Bloomsbury Street or be focussed on the parade opposite. Derwent London

St Giles

• This quadrant includes the Central St Giles development (Legal & General Ltd and Mitsubishi Estate Company Limited) and the upcoming Almacantar scheme.

• The units here are the largest of all the zones, with an average size of 3,300 sq ft. These large, modern boxes have attracted a number of national brands, such as Zizzi, Byron Burger and Cabana.

• The Centre Point (Almacantar) development, which will include 45,000 sq ft of retail and F&B, is looking to attract unique propositions, taking advantage of terraces overlooking a new square and positioning the area as a new dining destination for London.

Centre Point - new public square

Tottenham Court Walk 13 ST GILES A RENEWED LONDON 14 ST GILES A RENEWED LONDON QUARTER EMERGES QUARTER EMERGES

Office market: targeted by media & tech

We are developing into this resurgent market, helping to St Giles media & tech occupation regenerate the building stock and upgrade the local environment, 1,400,000 while seeking to close the rental gap with other prime West End offices 1,200,000 and retail. 1,000,000

Great Portland Estates 800,000

600,000 OCCUPATION (SQ FT) (SQ OCCUPATION St Giles has benefitted significantly from the surge in demand from the Media & Tech sector in particular. Since 2000, the area has experienced consistently strong levels of demand from this sector. 400,000

Between 2000 and mid-2016 there was 832,230 sq ft of expansion space taken by Media & Tech occupiers. Within 200,000 the St Giles submarket, this was the equivalent to growth of 289%. The major new entrant to the scene has been Facebook which has taken 227,000 sq ft of space at GPE’s Rathbone Square development for its new HQ. 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Source: Colliers International St Giles occupational market

2% 1% 1% St Giles media & tech occupier changes: 2000-mid 2016

St Giles Circus +0.76m 4% 4% 600,000 Tech & Media

5% Business Services 400,000 Financial 5% 200,000 Other

Public Sector 0

5% SQ FT Retail & Leisure 58% -200,000 Property

Education -400,000 15% Legal Manufacturing -600,000 Pre-2000 Expansion New to Location New to Location (Expansion)

Source: Colliers International Source: Colliers International St Giles area development timeline 2008 - 2020

Infrastructure Crossrail Crossrail Demolition Northern line Northern line Crossrail TCR Eastern Tottenham The West Tottenham West End Liverpool Heathrow Paddington Reading events Hybrid Bill breaks ground complete at TCR closes at TCR reopens tunnelling ticket hall opens Court Road End Project Court Road Project TCR Street to to Paddington to Wood to Shenfield to Shenfield receives at Canary at TCR begins (Exit 1). Central Eastern ticket TCR due to station improvements Shenfield Royal Assent Wharf line access hall (all other commence improvements complete closes. West End exits) opens. completed. (pre Crossrail Project for TCR Central line (Inc Dean opening) plans approved reopens Street. exit)

Selected office Legal & NBC Universal Almacantar Google leases GPE acquires Derwent Almacantar Exemplar GPE granted Estee Lauder Facebook Capita agrees Oriana Phase Exemplar's One 73-89 Oxford Rathbone Almacantar’s The Copyright Consolidated Derwent 1 Oxford and residential General's leases 112,000 acquires Centre 155,000 sq ft Rathbone Place London granted granted consent and Ashby consent for pre-lets pre-lets pre-let of II at 26-48 Bedford Avenue Street (88,000 Square Centre Point Building Developments' London's Street events Central St sq ft at Central Point at Central site consent for 1 to convert Capital granted Rathbone 144,000 sq ft 227,000 sq Derwent Oxford Street development sq ft retail development completes completes St Giles Circus Holden (Derwent Giles scheme St Giles St Giles Oxford Street Centre Point into consent at One Square (217,000 at Exemplar's ft at GPE's London's The completes completes & office) to complete (Derwent to complete House 54-68 London) completes (204,000 sq ft 82 , Bedford Avenue sq ft offices, Fitzroy Place Rathbone Copyright (76,500 sq ft (70,000 sq ft completes (GPE) London) (150,000sqft Oxford Street completes (405,000 sq ft offices, 37,000 13 affordable (115,000 sq ft, 42,000 sq Square Building retail and 18 offices, (GPE) mixed use (137,000 sq ft) (275,000 sq offices, 24,500 sq ft retail, 350 units and 14,000 sq ft ft retail, 142 (87,150 sq ft) residential 14,000 sq ft including music completion ft mixed use sq ft of F&B, seat theatre) 45,000 sq ft of retail) apartments, 20 units) retail) venues) date including new 109 flats) F&B affordable units unconfirmed 350 seat theatre)

Retail events Primark opens Office opens Whittard of Ponte Gadea Zara Leon & Hotel DF Mexico & T2 Tottenham Paper & Oasis Waterstones Fabled by Primark New Look Next 73,000 149,000 sq flagship store Chelsea (43 purchases 61 Oxford Chocolat Planet Organic Court Walk Tottenham Tottenham Marie Claire extention, & Benetton sq ft flagship ft flagship 47-49 Oxford Oxford Street), 1848 Oxford Street opens Tottenham Tottenham opens Court Walk Court Walk Tottenham Hawes 73-89 Oxford store - 120 in Oriana Street. Tiger Tiger (105-107 Street (Primark Court Walk Court Walk opens opens Court Walk & Curtis, Street to open Oxford Street (Frogmore / opens 241-243 Oxford Street) and future opens opens opens Skechers and (Plaza SC) Land Securities) Tottenham opens extension) for (Derwent Schuh opening to open development Court Road c.£435m London) 26-48 Oxford (26-48 Oxford Street Street)

Month Jul-08 May-09 May-10 Dec-10 Mar-11 Apr-11 May-11 Nov-11 Apr-12 May-12 Sep-12 Jul-13 Aug-13 Sep-13 Oct-13 May-14 Aug-14 Jan-15 Mar-15 Apr-15 Jul-15 Sep-15 Oct-15 Nov-15 Dec-15 Feb-16 Aug-16 Sep-16 Nov-16 Dec-16 Mar-17 Apr-17 May-17 Jul-17 Summer-17 Dec-17 May-18 Oct-18 Dec-18 May-19 Dec-19 Jan-20 Mar-20

Year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

ZA Retail Rent £400 £400 £400 £425 £475 £475 £500 £600 £700 15 ST GILES A RENEWED LONDON 16 ST GILES A RENEWED LONDON QUARTER EMERGES QUARTER EMERGES

The 10 largest expansionary deals by Media & Tech within St Giles in the last five years have been from the full range Since 2000, the major growth sector in terms of office occupation within St Giles has been computer and internet related companies, of tech and media sectors including internet, software consultancy, broadcasting, advertising, marketing and PR and including Google, LinkedIn, King.com, Palantir, Tripadvisor, Expedia and Betgenius. A full schedule of new entrants is listed below. electronics. These include, Google, Mindshare, NBC Universal, LinkedIn, Burston Marsteller and Dolby Labs. The chart below shows how the respective sub-sectors have expanded over the past 15 years.

St Giles media & tech growth by subsector St Giles – new tech & media occupiers 2010-2016 2000 2016 800,000 Address Occupier Business Sector Sq Ft Grade of Space Date Taken 700,000

600,000 Rathbone Square Facebook Internet Related 242,800 Under Construction Sep-15 Tripadvisor Internet Related 12,108 Second-hand Grade A Oct-10 / Sep-14 500,000 7 Soho Square

400,000 1 Stephen Street Freud Public Relations 28,350 New – Refurb Jul-14 Communications SQ FT 300,000 Castlewood House LinkedIn Europe Internet Related 40,031 / 3,319 Second-hand Grade A Nov-12 / Mar-14 200,000 77-91 New Oxford Street 55 New Oxford Street NBC Universal Software/Consultancy 19,700 Second-hand Grade A Sep-12 / Dec13 100,000

0 Charlotte Building CHI & Partners Advertising 12,400 New – Refurb Jun-13 Advertising Computer/ Film and Marketing Publishing Other Internet Multimedia and PR and Printing Central Saint Giles King.com Software/Consultancy 24,866 New – New Build May-13 Source: Colliers International 1-13 St Giles High Street 23-25 Soho Square Palantir Software/Consultancy 8,265 / 29,244 New – Refurb Dec 12 / Feb-13

23-25 Soho Square Betgenius Internet Related 8,201 New – Refurb Oct-12

7 Soho Square Expedia.com Internet Related 8,334 Second-hand Grade A Jul-12

Central Saint Giles Google UK Internet Related 155,099 New – New Build May-11 1-13 St Giles High Street

Source: Colliers International

The major leasing activity amongst Tech & Media companies within the St Giles area, particularly to the likes of LinkedIn, Facebook and Google, has established this “quarter” as a major hub for a vibrant and growing sector of the workforce. There will undoubtedly be a “Facebook effect” as businesses who have an affinity with the online giant look to settle close to them. We are already seeing Tottenham Court Walk the same trend at King’s Cross in the wake of Google’s decision to base its HQ there. Facebook will establish Rathbone Square and the surrounding locale as a key commercial destination and also demonstrate the location’s attraction to global brands. 17 ST GILES A RENEWED LONDON 18 ST GILES A RENEWED LONDON QUARTER EMERGES QUARTER EMERGES

Investment: buyers look to lock into growth

West End St Giles investment volumes 2000 to 2015 vs prime yields Investment breakdown by purchaser type

Volume £m St Giles Prime Yield West End Core Prime Yield 8% 4%

900 8.00% 15% 800 7.00% 14% 700 6.00%

600 5.00% 40% Private 500 UK Institutions 4.00% St Giles West End Core 400 Overseas

3.00% PRIME YIELD 300 58% UK Property 2.00% 23% 200 INVESTMENT VOLUMES (£MILLION) VOLUMES INVESTMENT 100 1.00%

0 0.00% 38%

Source: Colliers International

Source: Colliers International

2015 saw investment volumes within St Giles reach an eight-year high of £343 million. The key deal was Tishman St Giles investment breakdown by origin of capital Speyer’s purchase of 100 New Oxford Street for £130 million. Average annual deals volume over the past 15 years has been £164 million. 900

Historically, the St Giles investment market has been dominated by UK property companies such as GPE, Derwent 800 London, Lazari Investments, Exemplar and Structadene who were all quick to see the area’s potential. However, buying in the area is now broadening. 700

Between 2014 and 2015 the balance of capital flows in St Giles has shifted toward overseas money. In 2012-2013 600 Private the total investment volume was £183 million, with none of that being derived from overseas buyers. In 2014-2015 500 volumes rose to £446 million, with £278 million coming from European, North American, Far Eastern and Middle UK Institutions

Eastern investors. £MILLION 400 Overseas UK Property Overseas investors dominated the market, accounting for 50% of deals by volume, mirroring the wider trend across 300 the London and West End markets throughout 2015 and this trend has continued in 2016. 200

100

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Source: Colliers International 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 19 ST GILES A RENEWED LONDON 020 ST GILES A RENEWED LONDON QUARTER EMERGES QUARTER EMERGES

Development pipeline (with planning consent or under construction)

The map below indicates the main office schemes in 1 20 Soho Square Aviva Investors the development pipeline through to 2020. 2 1 Bedford Avenue Exemplar & Ashby Capital This will provide over 660,000 sq ft of new and 3 1 Rathbone Square Great Portland Estates refurbished Grade A office space. If progressed through 4 1 Great Portland Estates planning, Derwent London’s Holden House on Oxford Street could add another 137,000 sq ft. 5 1 Oxford Street Derwent London 6 The NOW Building Consolidated Developments Ltd 7 15 - 18 Rathbone Place Royal London Asset Mgt

St Giles area

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Dean Street public realm, Tottenham Court Road station west exit 21 ST GILES A RENEWED LONDON 22 ST GILES A RENEWED LONDON QUARTER EMERGES QUARTER EMERGES

Hotels: rooms for improvement?

Focussing on “branded” hotels rather than guest houses and B&Bs, there are only four hotels of scale within the Rooms by hotel grade confines of the St Giles area boundary – The St Giles Hotel, The Bloomsbury Hotel, Radisson Blu Edwardian, Kenilworth and Radisson Blu Edwardian, Bloomsbury Street. They comprise a total of 1,218 rooms.

1000 However, as illustrated on the map, there are a number of quality hotels on the fringe of the St Giles boundary, including the Charlotte Street Hotel, Sanderson Hotel and London Edition. 800 Daily rack rates for a double room range from £129 without breakfast to £480 with breakfast. Discounts of 10-15% are available on these rack rates for some hotels through third party web booking sites. 600

At present there is little additional hotel development in the pipeline. With Criterion Capital’s application for a 166-room 400 hotel on having been turned down, the confirmed pipeline is limited to a 12-room extension at The NUMBER OF ROOMS OF NUMBER Rathbone Hotel and a new 14-bedroom hotel at Consolidated Developments’ St Giles scheme. 200

With the impending infrastructure upgrade, the St Giles area is ideally located to serve both the business and leisure 0 tourism sectors, especially given its proximity to Oxford Street, Covent Garden, Theatreland and The . 5* 4* 3* Budget Arguably, as the area continues to evolve and benefit from improved infrastructure there will be scope to support additional hotel development. Source: Colliers International St Giles – hotels

1 Charlotte Street Hotel ET RE ST E 2 The London Edition DG O T O O G T T 5 3 St Giles Hotel E 6 N H 4 Radisson Blu Edwardian, 1 A 8 M Kenilworth C O U 4 R 5 My Hotel Bloomsbury T R O A 6 Rathbone Hotel D 7 12 3 7 Radisson Blu Edwardian, ET TRE Bloomsbury St RD S XFO W O 2 NE 8 The Gresham Hotel

OXFORD STREET E 9 Covent Garden Hotel U 10 N E V 10 Travelodge Covent Garden

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Y C R 11 Radisson Blu Edwardian, H U A B Mercer St S R E I N T F 12 The Bloomsbury Hotel G 9 A

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S S Raddison Blu Edwardian, Kenilworth in Bloomsbury west exit St Giles area 23 ST GILES A RENEWED LONDON 024 ST GILES A RENEWED LONDON QUARTER EMERGES QUARTER EMERGES

Residential: Rathbone Square and Centre Point lead the way

Within the St Giles area there are only two residential developments of more than 30 units under construction:

• Rathbone Square (GPE), with 142 private and 20 affordable apartments located around a new garden square. Studio apartments are currently on the market at between £830,000 to £950,000, with 1 bedroom apartments on the market for £960,000 to £1,150,000. Three bedroom apartments are in the order of £3,250,000. The development will also house a swimming pool, gym, residents’ lounge, private screening room, private garden, 24-hour concierge and a wine storage room.

• Almacantar’s Centre Point development will comprise 82 private apartments and 13 affordable apartments in neighbouring White Lion House. Prices for the private apartments range from £1,825,000 for a one bedroom to a reported £55 million for a five-bedroom duplex. Facilities will include a 30m swimming pool, treatment rooms, a residents’ lounge, private dining / meeting room, private screening room, a 24-hour concierge and 24-hour security.

When completed, rents in these two premium developments will, no doubt, be at the upper end of the spectrum and exceed the typical rents seen in either Camden or . Typical weekly rents in Camden and Westminster are as follows:

Camden Westminster

1 Bed Private – Median £379 £438

1 Bed Private – Upper Quartile £430 £515

2 Bed Private – Median £495 £594

2 Bed Private – Upper Quartile £594 £750

Source: Hometrack

Rathbone Square 25 ST GILES A RENEWED LONDON 26 ST GILES A RENEWED LONDON QUARTER EMERGES QUARTER EMERGES

Infrastructure: getting there quickly

West End Project improvements at Charing Cross The development of Crossrail, with a new station at Tottenham Court Road, Road / Oxford Street; Tottenham Court Road is a major catalyst for change and renewal. In addition, Camden ’s station new eastern exits proposed transformation of Tottenham Court Road to reduce congestion and improve the environment provides a further boost at street level. Impact on Tottenham Court Road:

Arup’s most recent projections indicate that up to 108 million The two key pieces of infrastructure impacting on the St Giles area are: annual entries and exits could occur at Tottenham Court Road station in 2026 – an increase of 76 million over today’s throughput. This is equivalent to an average of 219,000 daily • Crossrail (now known as the Elizabeth line) additional entries and exits at the station. These figures are based Aerial view of upon the latest population projections for London and are 50% Centre Point Square • The West End Project – transforming Tottenham Court Road higher than the figures originally presented by Crossrail in 2004.

Crossrail / The Elizabeth line Tottenham Court Road Station forecasts Tottenham Court Road Station – peak time entries and exits The Elizabeth line will transform travel across the city, boosting the economy by billions of pounds and supporting thousands of new jobs and homes. The line, currently being Daily (LHS) constructed by Crossrail, will be named after the UK’s longest serving monarch when it 500,000 2026 F Arup becomes operational through central London in 2018. Evening Peak – Weekday Current

400,000 A fleet of 66 new 200 metre long trains will run on the Elizabeth line, featuring nine walk-through carriages, air conditioning, CCTV and real-time travel information. Each train will be able to carry up to 1,500 people. 300,000 Morning Peak – Weekday Stretching over 60 from Reading and Heathrow in the west across to Shenfield and 200,000 in the east, the Elizabeth line will stop at 40 stations – 10 newly built and 30 newly upgraded – and serve approximately 200 million people each year. When fully 100,000 0 10,000 20,000 30,000 40,000 operational, there will be up to 24 trains per hour, in each direction, serving the central / EXITS ENTRIES DAILY AVERAGE section. No. of Entries and Exits 0

Current Numbers 2026 F no Crossrail 2026 F Arup

Source: Arup Source: Arup Note: All figures include all entries and exits associated with Crossrail and the existing Note: Single hour station entries and exits in the morning peak (07.00 – 10.00) and evening peak (17.00 lines. – 20.00). Totals represent an average single hour, NOT the entire three hour period. All figures include all entries and exits associated with Crossrail and the existing London Underground lines.

Arup’s forecasts (The Impact of Crossrail on Visitor Numbers in Central London - January 2014) indicate that peak passenger flows through Tottenham Court Road station will be 3.5 times greater than present levels, dispersed through five exits, with up to 38,000 entry / exits during the three hour evening peak commuting period. 27 ST GILES A RENEWED LONDON 28 ST GILES A RENEWED LONDON QUARTER EMERGES QUARTER EMERGES

1 Oxford Street, W1

The West End Project Oxford Street ‘pedestrianisation’ The Tottenham Court Road area currently suffers from traffic The July announcement by Val Shawcross – ’s congestion, poor air quality, narrow congested pavements and a Deputy Mayor for Transport – regarding plans for the proposed lack of public space. pedestrianisation of Oxford Street was a significant move forward for the West End. Camden Council has secured a £26 million investment which will be used to convert the one way system on Tottenham Court Road Together with and , into a two-way tree-lined street as well as bringing significant options will be considered for full or partial pedestrianisation and improvements to the public realm including wider pavements, reduction of through traffic in order to improve the environment cycle lanes, pedestrian crossings, tree planting and a new park at and accommodate the additional footfall to be generated through Alfred Place. the opening of the Elizabeth line.

The West End Project will improve Tottenham Court Road by New West End Company has been campaigning for many reducing traffic, improving bus journey times and making it a years for a significant reduction in traffic across the West End cleaner, safer and more attractive environment. It is proposed and on Oxford Street in particular. It does not believe that full that only buses, bicycles and local access will be permitted pedestrianisation of Oxford Street is the way forward, arguing for between 0800 and 1900 from Monday to . a scheme that reduces, rather than diverts, buses and taxis, and also allows some traffic movement, particularly on the north- The project is a public / private sector 2030 vision for an area south routes, to serve shops, shoppers and local employees. spanning both Camden and Westminster; the area’s enhancements at Tottenham Court Road are very much a project New West End Company is calling for a full economic impact also supported by the West End Partnership. assessment of every option to judge the effect on businesses and the wider district prior to any commencement. The plans have been put in place in order to increase business and create a more enjoyable user environment ahead of Crossrail What is clear is that any solution will have to work for residents, opening in 2018. Improvement work is due to start in businesses and the public transport network – a huge challenge. September 2016.

West End Project – Tottenham Court Road improvements The public realm improvements that the West End Project will bring will have a positive impact on retail in the area. As the area becomes more pedestrian friendly, it will provide a more engaging environment for consumers which in turn will encourage longer dwell times and higher spend. Derwent London’s development at Tottenham Court Walk is a good example of improving access, widening pavements and creating the right type of retail units to attract new retailers and shoppers.

Tottenham Court Road

New theatre and 1 Oxford Street 29 ST GILES A RENEWED LONDON 030 ST GILES A RENEWED LONDON QUARTER EMERGES QUARTER EMERGES

The West End Project area EUSTON SQUARE

WARREN STREET

RUSSELL SQUARE

BLOOMSBURY

GOODGE STREET

FITZROVIA

TOTTENHAM COURT ROAD

SOHO

Centre Point and St Giles 031 ST GILES A RENEWED LONDON 032 ST GILES A RENEWED LONDON QUARTER EMERGES QUARTER EMERGES For more information, please contact Colliers International:

Paul Smith Paul Souber Mark Charlton Director & Co-Head, London Offices Head of Retail Agency London Head of Research and Forecasting T 020 7487 1767 and EMEA Retail T 020 7487 1720 E [email protected] T 020 7344 6870 E [email protected] E [email protected]

New West End Company Jace Tyrrell Chief Executive T 020 7462 0680 E [email protected]

The Fitzrovia Partnership Lee Lyons Business Improvement District Manager T 020 7755 3192 E [email protected]

inmidtown Tass Mavrogordato Chief Executive T 020 7078 7077 E [email protected]

With thanks to:

Great Portland Estates Shaftesbury Derwent London Almacantar Ponte Gadea

www.colliers.com/stgiles

This brochure is printed on FSC® certified materials September 2016