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St Giles: a Renewed London Quarter Emerges

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St Giles: a Renewed London Quarter Emerges St Giles: A Renewed London Quarter Emerges § £2 billion regeneration § 60,000 sq ft of dining space § 58% Tech & Media occupation 08 September, London, United Kingdom - The redevelopment of the iconic London landmark, Centre Point, together with an influx of new retail brands, dining and leisure operators, plus the anticipated arrival of the Elizabeth line at Tottenham Court Road has triggered the rejuvenation of the area around the eastern end of Oxford Street and St Giles in the capital’s West End. The area is poised for great growth, driven by the imminent arrival (2018) of the Elizabeth line and the redevelopment of the station at Tottenham Court Road at the eastern end of Oxford Street, which will see more than 100m passengers pass through it each year – three times more than the current volume. This, together with an influx of new retail brands, dining and leisure operators, residential development and high profile tech and media businesses – the ever-growing interest in the area has been supported by more than £2 billion of regeneration. A comprehensive report launching today – A renewed London quarter emerges – has been produced by leading property consultants, Colliers International, in partnership with New West End Company, The Fitzrovia Partnership and Midtown Business Improvement Districts. It charts the intense activity in the St Giles area and its transformation since 2008 from what was previously a little known area of London, into an exciting hub of commercial and private investment developments, including unique dining destinations, to become a vibrant location that puts St Giles firmly on the map. Since 2012, more than 400,000 sq ft of new retail lettings have delivered an influx of new brands to the St Giles area, including 12 flagship stores. Media and technology businesses have been drawn to this area, with Facebook deciding to base its HQ at Rathbone Square in addition to a proliferation of food and beverage and leisure spaces to the East of St Giles Circus. The opening of a 149,000 sq ft Primark in 2012 has been a catalyst for improved retailing and drawn in a host of other brands. Paul Souber, Head of Central London Retail Agency at Colliers International said: “We're now seeing a procession of domestic and international brands establishing flagships stores in St Giles including Flannels, Benetton, Zara, Next, and New Look. The importance of this cannot be understated because it generates huge footfall, which in turn drives the emerging restaurant and bar scene. The location is becoming a major and exciting piece in the West End's retailing jigsaw”. 1 A similar transformation is being seen in the office occupier profile. Media and technology businesses have taken more than 830,000 sq ft of space in the area since 2000. Paul Smith, Colliers International’s London Offices Director said: "The decision by Facebook to base its HQ at Great Portland Estates’ Rathbone Square development is emblematic of how the area has found a new identity as a hub for occupiers from the creative and digital sectors. It's beginning to realise its potential and the area's attraction will be further enhanced by the high quality office schemes being delivered by a number of major developers and also - of course - by the arrival of the Elizabeth line at Tottenham Court Road." Jace Tyrell, Chief Executive at New West End Company said: “The regeneration of the St Giles area has been extremely exciting to watch, having recently seen investment levels in the office sector reach an eight-year high in 2015 totaling £343 million, which is a phenomenal achievement. We welcome the new flagship stores and places to eat and drink which are contributing to this transformed neighbourhood. The growth in commercial values demonstrates how the overall renewal of the St Giles area has had a positive effect, which in turn has encouraged businesses to take an interest in this part of town.” Lee Lyons, Business Improvement District Manager, The Fitzrovia Partnership said: “St Giles Circus 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. The Fitzrovia Partnership welcomes the collaboration with New West End Company, inmidtown and Colliers International. Together with partners LB Camden, Transport for London and The West End Partnership 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.” Tass Mavrogordato, Chief Executive, inmidtown said: “St Giles Circus is an iconic crossroads that offers distinct and different experiences to visitors, located at the pivotal point the West End meets Midtown at the junction of Oxford Street and New Oxford Street. The work the property owners and local stakeholders such as Crossrail have done to ensure it becomes far more than a junction is fantastic. The growing leisure, food and beverage and hospitality offering in Midtown, to support increasing demands from within the business community population merges perfectly at St Giles Circus, with a more retail focused offer in Oxford Street ensuring an offer to suit everyone coming into the area.” Standout Facts: Growing the leisure scene The area has a growing dining culture with 60,000 sq ft of recently occupied space and an estimated 35,000 sq ft in the pipeline. 2 Booming tech and media office market The office market in St Giles has become a hub for technology and media organisations taking 832,230 sq ft of expansion space from 2000 to mid-2016. The top five office occupiers in St Giles are: § Tech and media – 58% § Business services – 15% § Financial – 5% § Other – 5% § Public Sector – 5% Attracting investment near and far UK property companies historically dominate the St Giles investment market, but during 2015, overseas investors accounted for nearly 50% of office sector deals in the area. This trends extends throughout the West End. Investors in St Giles during 2015 include: § UK Property – 40% § Overseas – 38% § UK Institutions – 14% § Private – 8% -ENDS- 3 Notes to editors: -Please find attached pictures and CGIs of St Giles area About Colliers International Colliers International Group Inc. (NASDAQ: CIGI; TSX: CIG) is an industry leading global real estate services company with more than 16,000 skilled professionals operating in 66 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting. Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice that help clients accelerate their success. Colliers has been ranked among the top 100 outsourcing firms by the International Association of Outsourcing Professionals’ Global Outsourcing for 11 consecutive years, more than any other real estate services firm. In the UK, Colliers International is one of the top real estate advisory organisations, employing over 800 people in 14 full service offices across the UK and Ireland. For the latest UK news from Colliers International, visit colliers.com/uk/news or follow us on Twitter: @Colliers_UK or LinkedIn www.linkedin.com/company/colliers-international- uk About New West End Company New West End Company is a leading business voice for London’s West End, representing the people and organisations behind the world’s largest retail destination. It delivers management and marketing services to 25 streets within London’s retail heartland including Bond Street, Oxford Street and Regent Street. Its aim is to drive the change to create a truly unique West End experience, unlock barriers for economic growth and further strengthen the commercial success of the area and its contribution to UK GDP. www.newwestend.com About The Fitzrovia Partnership The Fitzrovia Partnership Business Improvement District aims to ensure that the area 4 maintains its reputation as one of the best places to do business and visit. Fitzrovia has a rich cultural history where former residents read like a roll-call of London's creatives including Charles Dickens, Dylan Thomas and Virginia Woolf. Today their spirit is embodied by a thriving creative community including architects, chefs, designers and filmmakers. Teamed with a thriving retail offer on Tottenham Court Road and the draw of restaurants and bars on and surrounding Charlotte Street, The Fitzrovia Partnership is working with its members and partners to ensure that the area continues to prosper and grow. fitzroviapartnership.com About inmidtown inmidtown represents the interests of over 300 businesses in Bloomsbury, Holborn and St Giles. The Business Improvement District's aim is to make the area work for business: brand association; customer satisfaction; and employee retention are all tangible, measurable benefits of being in Midtown. inmidtown's work offers innovative solutions to everyday business needs, building competitive advantage for all who do business here. inmidtown enables the collective voice of business to be represented, working with and adding value to, the work of Camden Council, the Mayor's Office and agencies, Transport for London and the Metropolitan Police. midtown.london Media contact: Charlotte Williams, Colliers International [email protected] 0207 344 6931 Mark Charlton, Colliers International [email protected] 020 7487 1720 For information on New West End Company, contact: Allyson Andrews [email protected] 020 7462 0686 / 07887 633832 Taylore Hunt [email protected] 020 3039 3951/ 07875 598040 For information on The Fitzrovia Partnership, contact: Shanta Bhagwandin [email protected] 020 7755 3380 5 For information on inmidtown, contact: Meryl Brassel [email protected] 020 7494 4448 For information on Great Portland Estates, contact: Rebecca Williams [email protected] 020 7647 3000 6 .
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