EG LONDON REFURBISHMENT
says Richard Harris, director at fit-out and refurbishment consultancy Tetris Projects. “At the moment, we are seeing that
they want to use every inch of the space available and are keen to look at how they can best optimise it. They want to accommodate desk-sharing and
flexibility as much as possible.” Harris believes that market factors
have had a part to play in the demand for refurbished space. “Supply is an issue and new-build
space is at a premium. Occupiers do tend to look at existing buildings because they are cheaper and because the fit-out is quicker,” he says.
CASE STUDY: DERWENT LONDON, TEN FOUR PENTONVILLE ROAD
Alongside financial calculations, the sort of occupier that is most active in the market at present is arguably more predisposed to refurbishments from a design perspective. While individual requirements obviously differ, TMT occupiers – a key bedrock for demand across central
London in recent times – tend to be more open towards characterful buildings, they may value a refurbishment to boost their sustainability credentials, helping fuel the concept as a fashion statement. “Classically, they would think about
exposed brickwork and historic features in the building, but now they are much less concerned about that,” says Crotty.
“They want the building first and then
they will stamp their identity on. It all plays into the hands of the landlord looking at a refurb as opposed to new- build.” While new-build will of course
continue to be the right solution for many sites in central London, landlords and
Now they are much less concerned about exposed brickwork and historic features
occupiers seem increasingly open to refurbishments, thanks in some part to economic factors. Simultaneously, the fabric of many
obsolete buildings appears to lend itself to the reuse of at least some part of the existing structure, meaning the market for refurbishments may be set to grow further.
BEFORE
Derwent London’s default position is not to flatten an obsolete building. Rather, its starting point is to work out how to retain as much of a structure’s fabric as possible, says development director Benjamin Lesser. One of the firm’s most recent projects
is Ten Four Pentonville Road, N1. The 55,000 sq ft building was part of Derwent’s long-term portfolio following its merger with London Merchant Securities in 2007, and was let to a mish-mash of tenants whose leases were ending. The landlord’s initial challenge was to
make viable two dated buildings with unattractive floorplate sizes of between 3,000 and 5,000 sq ft. The solution was to bring them together, creating larger 8,000 sq ft floorplates and, by extending to the rear, adding 25% to the existing space. “There was very little competing with
82
www.estatesgazette.com AFTER
this size of floorplate in this part of town. We saw it as suitable for a growing creative organisation – a little brother to the Angel Building,” says Lesser, in reference to the company’s well-received redevelopment project that was shortlisted for the 2011 RIBA Stirling Prize. Pentonville Road – designed by London-based architect Stiff + Trevillion – was given a new identity aimed at occupiers with a taste for clean European design. The dreary brown cladding was replaced with grey bricks handmade in Denmark, while steel cruciform columns – inspired by German modernist architectural pioneer Mies van der Rohe – were pushed as a selling point. “It’s about drilling down to the final
13 April 2013
detail of how you carry the thinking through to create the overall scheme,” says Lesser. The company will not be drawn on the
precise rental uplift when 48,000 sq ft was let to Ticketmaster UK last October, but according to EGi data, tenants in the old building were paying between £20 and £25 per sq ft. Ticketmaster is believed to be paying around £45 per sq ft. However, the project was completed
within 14 months of obtaining vacant possession, meaning voids were minimised. Lesser points to this as among the key advantages to refurbishments, alongside the environmental benefits of retaining embodied carbon.
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25