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Earls Court in terms of property is dominated by residential buildings with close to no office space whatsoever in the area. The area primarily consists of listed Victorian terraces and these properties generate a much greater income as residential use. The only real office space in Earls Court is within the skyscraper, Empress State Building, but this only has one tenant: the Metropolitan Police Service.
Over the next ten years a number of offices are going to be built in a new scheme by developers Capital & Counties. Morgan Pryce, London’s commercial property agent, sees this as an exciting opportunity for businesses within London.
The Earls Court development is one of the largest in London, covering an astonishing 77 acres and expanding over the two boroughs of Hammersmith & Fulham and Kensington and Chelsea. The scheme is planned over seven phases with the final stage estimated to begin in the 4th quarter of 2023 and completed in 2032.
This enormous mixed-used development will primarily be residential but will also provide close to 1.3 million square feet of office space in Earls Court, which will completely transform the area and potentially provide 12,000 permanent jobs once completed. The development also includes a vast amount of open space comprising a park and garden squares, restaurants and retail. This will result in offices in Earls Court being an outstandingly pleasant area to work in.
There has been a certain amount of protest against the scheme as it will not only result in the demolition of Earls Court Arenas 1 and 2 but also some housing in the development area. However, despite this the Borough of Kensington and Chelsea’s planning committee approved the development on 20th November 2012. This has allowed the impressive development scheme to get under way and entirely regenerate the area of Earls Court.
“The lack of offices in Earls Court due to residential use being so profitable is keeping rents exceptionally high,” says Eugene O’Sullivan MRICS, director at Morgan Pryce. “Many media companies are interested in working in the area and the new offices will contribute to the much-needed supply.”
The area of Earls Court has excellent access to the underground with links to West Brompton, West Kensington and Earls Court underground stations. This provides great accessibility out into Central London and throughout west London on the District line. The area could also appeal to many commuters as the West Brompton underground station is also on the overground network, which provides an efficient service around large parts of London. The new offices in Earls Court are likely to attract a lot of attention as regeneration in an already desirable area with good communications is going to stand out, attracting more business in and allowing Earls Court as an area to boom.
Capital & Counties’ 77-acre development is not purely a money-making scheme but its focus is also on regeneration. The long-term aim is to bring more business into the area and provide an opportunity to expand the number of job opportunities in the area, thus resulting in the office supply increasing.
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.