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Morgan Pryce, the London-based commercial tenant acquisition agency, has secured office space in Southwark for Deerns Consulting Engineers as part of the company’s move into London. The first floor, comprising approximately 3,000 square feet of Pentagon House at 52-54 Southwark Street, was acquired for Deerns Consulting Engineers by Tom Lax, Senior Surveyor at Morgan Pryce.
Deerns Consulting Engineers is a highly respected international firm with specialist knowledge in mechanical and electrical engineering and which has won a series of awards, all of which highlight the expertise contained in the company. With offices throughout Europe including Netherlands, France, Germany, Italy, Spain as well as offices in the United Arab Emirates and the USA, Deerns Consulting Engineers knew it needed a London agent who appreciated the significance of the move and understood the firm’s business. Morgan Pryce fulfilled this role and hunted out the right deal in order to attract the award-winning international firm into London.
Deerns Consulting Engineers obtained a 5-year lease with an option to break after 3 years along with a 6-month rent-free period. The rent was negotiated well and obtained a highly competitive, saving a couple pounds per square foot compared with similar office space in Southwark. In addition, this deal has given Deerns Consulting Engineers extreme flexibility with their Southwark office.
Future deals in Southwark
Southwark is an interesting location within London just south of the River Thames between Waterloo and London Bridge. This means that there is currently good access in and out of the city, attracting both large and small firms. Offices in Southwark are undergoing widespread regeneration, providing some excellent office space for a considerably lower rate than many offices in the West End.
As Southwark has gradually regenerated, increased interest in the area has been seen and this has started to drive up rents which now reach £45 per square foot – and if one takes rates and service charges into account, total cost has the potential to reach £75 per square foot.
Tom Lax, Senior Surveyor for Morgan Pryce, says, “As rents are rising so quickly in relation to offices in Southwark it is a good to see Deerns Consulting Engineers achieve such competitive lease terms at this stage.”
However, although there is huge demand for office space just south of the River Thames some believe it could slow down.
“London Bridge station is about to go through a huge redevelopment scheme,” points out Eugene O’Sullivan, Associate Director at Morgan Pryce. “This is a major scheme and the work on it is expected to last at least five years. This may interfere with train services and may increase delays, potentially putting off commuters coming in via London Bridge.”
Despite this, Southwark is still expected to grow as it is not solely dependent on London Bridge station. Ultimately, there is also a very good chance that the appeal of working in offices in London Bridge and Southwark may experience a sudden boost.
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.