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Huge online retailer Amazon revealed that they have signed a lease for new offices in Holborn Viaduct located between Chancery Lane and St Pauls. The move will see hundreds of staff move into the new project at 60 Holborn Viaduct where Amazon has taken 210,000 square feet of new office space over 12 floors.
60 Holborn Viaduct is a mixed-use development and has replaced what was Bath House which was constructed in 1967. Holborn Viaduct is the main road that links up the West End and the City and is in the area coined Mid-Town by most property professionals working in Central London.
For years, mid-town was the poor neighbour to the City and the West end with occupiers not wanting to move their rents were low and the big investment funds would not go near the area. However, over the past 5 years there have been a number of major developments that have commanded rents that have rivalled the City. This has caused the major investors to sit up and take note realising that occupiers will move from the West End and the City to an area where business rates are lower and travel connections are excellent. The move from Amazon in 60 Holborn Viaduct further improves confidence that Mid-Town is an up and coming vibrant area that is set to become even more desirable.
The cross-rail development at Farringdon will also be a game-changer as it is walking distance from Mid-Town and links up the East and West of London. The thought amongst the investment world is that if you have not bought around Farringdon or Mid-Town over the last few years with the booming TMT sector and the development of the two areas you have really missed out. However, I think there is still a lot of growth to happen and Mid-Town is still emerging as a market.
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.