Orchard Street Investment management are the latest organisation to secure a slice of the Midtown commercial property scene, after buying a Bloomsbury office building for just over £85m.
The investment management firm have purchased the property at 26 Red Lion Square in Bloomsbury on behalf of clients. Situated on a prominent corner plot near Kingsway, the building houses 104,000 sq ft of Grade A space. Its current tenants include Cable & Wireless Communications Plc, Mediacom and TSL Education Group Ltd.
Positive signs for Midtown office market
This latest deal is yet another positive sign for Midtown which is also one of the areas set to benefit from the improved rail services provided by the new Crossrail when it opens in 2018. Orchard Street Investment’s new office building on Red Lion Square will be just a short walk from this new transport hub.
The Midtown area of Central London which includes Holborn, Bloomsbury, Covent Garden and the areas around the major stations of King’s Cross, St Pancras and Euston, is currently home to a number of high-profile developments.
Projects like the King’s Cross Central redevelopment are helping to regenerate large areas of Midtown, creating modern office accommodation and retail space to complement the area’s many prominent transport hubs.
HQs for tech giants
But location and ambitious regeneration aren’t the only reasons that Midtown is attracting interest from both developers and businesses. Compared with many other more built-up areas of Central London, Midtown offers greater scope for the development of new office buildings. This availability of space enables businesses and developers to create the kind of large, statement-making buildings which are ideally suited for corporate HQs.
The result is new developments like Google’s new groundscraper HQ in King’s Cross which will incorporate around 1m sq ft of space.
And where Google leads, others will quickly follow suit. Over in nearby Euston, Facebook has secured offices at Regent’s Place, while Twitter is also expected to move its London HQ within the Euston/King’s Cross area.
Meanwhile Holborn is also gaining a reputation as the location of choice among ecommerce companies, with Amazon revealing last year that it was to become the sole occupier at new development Sixty London.
As dramatic changes take place across Midtown, businesses, developers and investors will be keeping a keen eye on the office market to see what happens next.
Read more about Midtown: