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The development of the city is on the increase as the developers see the opportunity to add more character to an areas which was historically the home of more corporate environments like the finance industry and law firms. In comparison to the West End, the area is lacking in the presences of pedestrian areas and quirky bars and eateries.
The Thackeray Estate has identified this gap in the market and just acquired six character buildings to turn into a ‘mini – village’. The village will be located behind the Walkie Talkie and will include the majority of the street between Philpot Lane and Root Lane. They are planning to develop an area which will include a combination of commercial and retail space, all together it will make up 30,000 sq. ft. The space is being modelled after Covent Garden and St Christopher’s Place and the retail units will provide boutique shops, trendy cafes, niche restaurants and gyms.
Teresa Beatty, a Commercial Surveyor at Morgan Pryce said “developments like this will inject a new life into the area and will contribute to the new trend of creative companies making a move towards the city as the core West End and Midtown price them out.”
Areas like Clerkenwell and Farringdon, once home to the creatives, are not achieving top rents higher than the offices in the city (not including tower buildings), making it harder for the industries to stay in the area.
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.