1 Trafalgar Square is to get a £15m renovation as part of a project to revitalise the building and transform it into some of the most desirable office space in the West End.
Work on the project is due to start next month, and will include the creation of additional office space within the building, alongside modernisation of its interior. An additional 12,000 sq. ft. of office space will be created within the building by reducing the atrium space, while a new restaurant will also be created in an effort to upgrade amenities.
The atrium is also to be remodelled, giving it a sleeker, more modern look with streamlined columns and glass facing into the space.
Although the renovation will create a dramatic new interior, current tenants, who include the National Grid and Enterprise Oil, will be able to remain in their offices throughout the work. UK-based property company Wainbridge will oversee the first phase of the project.
1 Trafalgar Square, also known as Grand Buildings, was bought for £173m in 2010 by Ukrainian billionaire Gennadiy Bogolyubov. The Victorian building, which occupies an impressive location on the south side of Trafalgar Square, was built in 1879, but later rebuilt after structural problems were found in the original building. It now forms part of the Trafalgar Square conservation area.
The Wainbridge-led project will be the first renovation work on the building for 25 years, and it looks like the timing is perfect, with new data from LondonOffices.com revealing a renewed interest in the area in and around Trafalgar Square as a business location.
The average licence length for businesses moving into serviced offices in the WC postcode area in January and February 2013 was 11 months; a significant increase on the same period in 2012. The area outperformed Central London as a whole, where average licence length increased to 9 months.
High occupancy levels, coupled with an increased demand for high-grade office space have also seen the average price of serviced office space in the area increase, in contrast to the small decrease across Central London as a whole.
If the trend continues, the WC postcode area is set to be one of Central London’s most in-demand business locations this year. That should mean plenty of interest in the revamped office space at 1 Trafalgar Square.
Discover office space in and around Trafalgar Square at LondonOffices.com – a handpicked selection of London’s most desirable business locations.
(Image of Trafalgar Square by Dcastor via Wikimedia Commons.)