Offices To Lease and Buy In N1
One of the capitals’ fastest growing locations for offices, residential and leisure, N1 is a hub for knowledge and creativity. The postcode stretches from the eastern extremity of King’s Cross across to Hoxton Square, down to Old Street in the South, the Angel Islington to Highbury and Islington in the North.
Fashionable rebranding of parts of the postcode as “Shoreditch”, “Silicon Roundabout”, “Tech City” and other names have created some of London’s most thriving, diverse and desirable neighbourhoods. The location is now home to approximately 250,000 employees amongst 1500 companies. These range from start-up entrepreneurial types to major corporates such as Campus, Google, Amazon, Capital One, Adobe, Silicon Valley Bank, Jamie Oliver and LK Bennett.
The seminal commercial complex is Argent’s £5 billion regeneration of the 67 acre site to the north of King’s Cross railway station. It is now 10 years since the scheme started and construction is at its peak with Argent spending around £1 million a day.
Major residential schemes include the 4.5 acre Islington Square redevelopment of the old Royal Mail site by SEGA group, one of N1’s seminal residential schemes. That sits alongside the likes of Rocket’s Provost and East office building, an 83,000 sq ft scheme having been pre-let to WeWork and due for completion later in 2017.
The prime areas of the postcode attract office rents up to £70 psf and £80psf in King’s Cross and capital values of up to £1200 psf.
Areas such as Old Street are currently undergoing a (much needed) £50 million investment programme to reinforce its attractions to the Tech City community (telecommunications, media and telecoms companies). In 2016 these accounted for 16% of commercial take up in the Shoreditch and Clerkenwell area.
Google’s widely trailed proposals for a 700,000 sq ft European headquarters in King’s Cross have received rapt attention not least of which due to the incorporation of an amphitheatre and roof top running track on the office building. Facebook is now rumoured to be in talks to pre-let 500,000 sq ft in the northern phases of the development as a further rebuff to commentators predicting a flight from London post Brexit. 176 million passengers travel via King’s Cross which is home to 45,000 residents.
Regent’s Quarter on York Way is a smaller estate of 3.5 acres with around 260,000 sq ft comprising 12 office buildings and mixed retail and leisure offerings. Office occupiers include Eurostar, Arcadia and Paddy Power. The complex is being offered for sale in Q4 2017 at an asking price in excess of £1,075 psf reflecting a net initial yield of 4.7%.
The office stock in N1 comprises approximately 8.7 million sq ft with a current vacancy rate estimated at approximately 8%, (in line with other London postcodes). Local Underground stations include Old Street, Highbury and Islington, and stretching across to King’s Cross and the Angel served by the Northern line. N1 borders other vibrant London postcodes of EC2, NW1 and E1 offering a diversity of uses and community both to occupiers and residents.