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The first signs of luxury brands moving to Offices in Kings Cross emerged last week, as it is understood that Louis Vuitton UK are in advanced negotiations. Louis Vuitton UK are looking to acquire 7,000 square feet on the fifth floor of One St Pancras. The move will see them relocating from their 14,000-square-foot headquarters on Bond Street, the home of luxury brands, to the 67-acre King’s Cross Central Limited Partnership site in North London, a decision that follows in the steps of the likes of Google and PRS for Music.
It is quite possible that the company has been attracted to the new site due to the lower rents, which are around £60 per square foot, and the huge savings in business rates. However, Ahmed Al-Ansari of Morgan Pryce believes the main reason Louis Vuitton are happy to move from their home on Bond Street is purely down to Location: “By moving to Kings Cross, Louis Vuitton will now be a stone’s throw away from the Eurostar terminal, enabling them to go to and from their Paris headquarters with much more ease, whilst still having the West End easily accessible. With the likes of Google and PRS Music already committed to a move to the site, and hence acting as significant anchors for the location, Louis Vuitton will find it much easier to make the move from their beloved Bond Street.”
Attracting the likes of Louis Vuitton away from Bond Street is a huge feather in the cap for the King’s Cross scheme, as other international luxury brands will now start to see King’s Cross as a credible location in which to house their headquarters. The Kings Cross scheme has managed to attract tenants from many different sectors in the market including the financial sector, TMT and the professional sector such as BNP Paribas, Google, PRS Music and now potentially Louis Vuitton committed to the site.
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.