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Aldgate is fast becoming the latest part of the City fringe to undertake major regeneration, not only to the residential sector but also the commercial sector, in particular in terms of offices. The rise of the TMT age has seen Shoreditch and Clerkenwell rents soar, with some offices achieving up to £42.50 per square foot. The huge demand from TMT companies for the converted-warehouse style of office space has drawn many clients out of the West End and into the City fringes. One knock-on effect of this trend is that Aldgate is starting prove extremely popular among investors due to the relatively low housing supply in the area and the proximity of the City.
There are a number of reasons why tenants have taken to moving to Shoreditch, one of which is undoubtedly the easy access into the heart of the City. Tom Lax from Morgan Pryce believes, “The positioning of Aldgate is hugely important: being only a stone’s throw away from the City, it allows TMT tenants to retain their ‘cool’ office spaces in the edgy fringe of the City while still retaining easy access into the City.” In regard to the residential sector, again, due to the location of Aldgate, the area is quickly becoming a prime residential spot. Over 2,000 homes are currently planned to be built in the area as developers push hard to try and satisfy the huge demand for office space and homes there. One of the major developments everyone is talking about is Goodman’s Fields, which Berkeley Group have stepped in to buy. The seven-acre site is being designed as a mixed-use development with residential and commercial spaces located together, along with a hotel and landscaped parks.
Morgan Pryce is 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.