UK NEWS

Headspace takes final floors of Thor to strike £50m Farringdon office

Flexible workspace provider Headspace has taken the nal Oxford St deal  oors in 19-21 Hatton Garden, Farringdon, meaning it now 9 US investor to buy site at east end of Oxford St as it continues push into occupies the whole building. The company, which houses the BY HANNAH BRENTON likes of media start-up Buzzfeed, has signed a deal to take an additional Thor Equities is close to buying a £50m 4,000 sq ft in the Midtown building. chunk of ’s Oxford Street, as it Headspace doubled its space in continues its multi-billion pound push the building in February last year, into European retail. before it opened its doors to tenants Property Week understands the US in November. investor is close to completing the It aims to provide a modern, stylish purchase of 105-108 Oxford Street working environment for young from Strathclyde Pension Fund at a yield and ambitious businesses in the of 2.9%. creative, media and tech industries. It The deal comes as the once-rundown counts the London School of eastern end of Oxford Street undergoes Photography, employee relocation a facelift ahead of the opening of the platform Move Guides, and mobile Tottenham Court Road Crossrail station app designer and developer Fueled in 2018. A number of substantial Roaring trade: Tiger is one of among its tenants. redevelopments are reshaping the area, the retailers leasing at the “Our model is clearly resonating with including Almacantar’s Centre Point Oxford Street site the market and I’m delighted that we revamp and Great Portland Estates’ are continuing to expand in order to Rathbone Place. to the Tottenham Court Road Crossrail completing deals on London’s Bond meet demand,” said managing director 105-108 Oxford Street ts with station and is let to Danish retailer Tiger Street and ’ Champs-Élysées. Jonathan Rosenblatt, who launched Thor’s strategy to invest in properties and Foot Locker, which has a lease It already owns the Burlington the group in September 2013. where it can increase rents, develop or expiry in 2018. Arcade in London’s Mayfair. In France, it “Having only recently launched our asset manage – with rents in the area Tiger signed for a  agship store in owns 65-67 Avenue des Champs- new space in November — more than expected to reach more than £750 for the building in June last year, taking a Élysées in Paris and 65 Boulevard de la doubling our square footage in the zone-A by 2019. 10-year lease on a 6,000 sq ft Croisette in Cannes. process — we’re excited to now be The 11,500 sq ft retail unit sits ground- oor and basement shop. DTZ advised Strathclyde. Levy advised developing the top and nal  oor of opposite the new Dean Street entrance Thor is also understood to be close to Thor. All parties declined to comment. the building.”

Zara will be Hamptons man to develop pillar of The Essential Living brand

Friary Centre A former estate agency brand premium across its Fashion brand Zara has signed chief has joined the board of targeted portfolio of 5,000 to anchor M&G Real Estate’s private rented sector developer homes for long-term rent. The Friary Centre in Guildford. Essential Living to help develop Underhill will be closely The retailer will take a its brand. involved in the development double-level unit of more than The developer and manager of the brand and business 20,000 sq ft and is expected of rented homes has brought in structure in creating the to open this year. former Hamptons managing company’s lettings strategy. Zara has almost 2,000 director Nick Underhill, as it He will have ultimate stores across 88 markets. allocates signi cant investment responsibility for driving income Scott Linard, director, asset to brand development this year. of more than £150m per year. management and leasing for Underhill will develop “The responsibility for M&G Real Estate, said: “The Essential Living’s lettings and managing such a sum is arrival of Zara is a game- revenue strategies, using his potentially stressful, but I changer for The Friary Centre.” experience in land acquisition, have con dence in our Lunson Mitchenall and design and planning, through to strategy,” he said. CBRE acted for M&G Real delivery and rental. “I have the opportunity to Estate and Hartnell Taylor The company’s investors, M3 in uence the designs of the Cook acted for Zara. Capital Partners, believe there is homes we create rather than

ZARA; ALAMY ZARA; signi cant potential to create a trying to adapt someone else’s.”

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