January 2017

UK House, 2-4 Great Titchfield Street, London W1

Client/Freeholder: Private Family Trust 

Client’s Instructions: Can Monmouth Dean pre-let the largest “media spec” office floor in the West End before the existing tenant vacates in 6 months…       

The Challenge: Monmouth Dean was appointed during a period of uncertainty in the London Office market that occurred after “Brexit”, to provide professional agency and marketing advice and recommend upon the viability of pre-letting one of the largest office floors in the West End Market - the 30,000 sq ft second floor in UK House in Noho, on the corner of Great Titchfield Street and Market Place. This stunning building with a beautiful façade, had recently undergone a transformation with refurbished reception, LED lighting & new art work. All of which had assisted us to let other floors to super tenants such as LVMH, Christian Dior, Dell and Essence Digital (WPP). 

Three years prior, Monmouth Dean had also been successful in pre-letting the second floor to Microsoft (their XBoxOne Division). Microsoft were taken by UK House due to its location, fantastic connectivity and were particularly attracted to the superb refurbishment undertaken by the Landlord that incorporated 2 large roof terraces. 

The second floor featured a superb, exposed ceiling with industrial style exposed air conditioning ducts and raw materials. Being a former department store and an island site originally built in 1902, UK House is gifted with both volume and light. When refurbishing “an office” and incorporating a loft style, so popular with media and fashion occupiers, it is particularly effective if one can emphasise the base architecture of a building that originally was developed so as to have high ceilings, exposed steel rivets and beams & exposed concrete coupled with oversized full height sash windows. All features which are prevalent in UK House.

Xbox had invested in an amazing concept office interior that was both modern and stylish and very “Soho/Noho”. We controversially recommended to our client that we should attempt to pre-let the floor as a whole, with the opportunity of the “fit out” remaining. We approached many agents and occupiers, particularly those regarded as the brightest emerging talents in the Fashion & Tech industry. These businesses can expand at an unprecedented rate, so they need to take space with an opportunity for future growth – and offices that are also already “fitted”.   

We soon attracted an extremely successful business in the Media Sector. They had grown exponentially within a large local serviced office. They anticipated huge growth and desired the savings that adapting Xbox’s fit out could potentially provide retaining profits for investing in their business. Tenants that can do this typically (massively) reduce the capital expenditure required to relocate and the time in which it takes them to move. Finding a building that didn’t conform to the standard office vibe and also will help them attract and maintain the right creative workforce. 

The terms achieved upon this letting are widely regarded in the market to be outstanding. Both a pre-let but also the highest rent achieved in the building. However the deal provided a sensible solution for all involved. Particularly the large media company who now have one of the very best offices in the West End which will no doubt attract the talent they are hoping to attract so they can continue to grow into further great offices in UK House. 

For further details upon forthcoming availability within UK House please contact Jason Hanley 0207 025 1390 – we do have various other interesting opportunities available.