New rent record around the corner?

St James’s Square is the location of the building that might shortly become a record-breaker. Green Property is launching one of London’s most exclusive office buildings this month, with expected rents at a level of £150 per square foot. 

The development, at 8 St James’s Square, is a six-storey building which Green Property say is likely to be let by floor as opposed to the whole building. The building has been designed by Eric Parry architects and replaces the 1930s offices that formerly stood on the site. The new development consists of 65,000 square feet, with the top two floors being the most desirable, comprising 2,949 and 7,836 square feet respectively. The architects designed the entrance to include a glazed bridge that spans a light well area on the lower ground floor. Other aspects of the property, justifying the high rents, include outdoor terraces on upper floors with views over London and, of course, over the square. 

Green Property also owns 7 St James’s Square, originally designed by Sir Edward Lutyens, converting it into a single eight-bedroom private residential property. The original purchase by Green in 2008, for £650 million from Allied Irish Bank, included both 7 and 8 St James’s Square, and the company will hope to sell the sites on once they are fully let. 

It remains to be seen who will achieve the highest rents in the near future in this corner of London: Trafigura, believed to be in talks regarding 30 Berkeley Square for a lease at £150 per square foot, or the newly developed 8 St James’s Square. The previous rental record was set in 2007 with Permal Investment Management at 12 St James’s Square, at £140 per square foot. 

This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.