Last checked at 16 Nov 2017 07:02
British Land to redevelop 1 Triton Square, Regent's Place
16 November 2017
British Land announces that it will redevelop 1 Triton Square, Regent's Place and has finalised terms on a pre-let of the office space covering 310,000 sq ft with Dentsu Aegis Network, the global brand, media and digital communications specialists, for a 20 year term. Dentsu Aegis currently occupies 118,000 sq ft at 10 Triton Street and their decision to remain at Regent's Place together with this significant, high quality development is another strategic step in achieving British Land's campus vision for Regent's Place.
The 366,000 sq ft redevelopment increases the lettable area by 127,000 sq ft and includes 20,000 sq ft of retail and leisure at ground floor and 10,000 sq ft of affordable work space. Designed by architects Arup Associates, the eight storey building will offer modern, flexible work space around a large central atrium providing linkage between floors and creating a vibrant social hub. The redevelopment will also deliver four large roof terraces and incorporate sustainable and smart technologies to support mobility and collaboration across the group.
Planning Consent has been granted by the London Borough of Camden and work is expected to start on site in March 2018. British Land's £196 million commitment to the redevelopment is in line with the company's focus on campuses, ensuring they respond to changing needs, enhance the experience for the people who use them and appeal to a broader range of occupiers. Development exposure is also being sensibly managed with 57% of the company's committed pipeline now pre-let or under offer.
Tim Roberts, Head of Offices at British Land, said: "I am delighted that we have agreed one of the largest pre-lets in the West End in over 20 years with Dentsu Aegis demonstrating the strength of demand for high quality, well-located space. This enables us to commit to our redevelopment at 1 Triton Square, which marks the next phase in the evolution of Regent's Place. This is a great example of our campus approach in action. We are focused on creating vibrant and engaging environments across our portfolio by increasing the mix of uses, and curating the public realm as well as delivering great buildings. Dentsu Aegis's decision to commit to 1 Triton Square and Regent's Place reflects the success of that approach."
Nick Priday, Chief Financial Officer, Dentsu Aegis Network, said: "Our new global headquarters at Regent's Place will position us at the heart of some of the biggest global digital businesses in London. Dentsu Aegis is growing both globally and in the UK and we currently operate out of a number of locations across London. This strategic move will enable us to operate more efficiently as a global business, and create long-term certainty over our property portfolio. One Triton Square will be an environment where our business will thrive, bringing our people and brands together to make collaboration even easier and reduce complexity for the benefit of our clients and our people."
Regent's Place is a 13-acre campus in London's West End, close to Great Portland Street and Warren Street underground stations as well as Euston mainline railway station. The campus has been substantially redeveloped in recent years, with 10-30 Brock Street the most recent addition. Occupiers include Facebook, Santander, Dimensional Fund Advisors and Debenhams corporate headquarters.
About British Land
Our portfolio of high quality UK commercial property is focused on Retail around the UK and London Offices. We own or manage a portfolio valued at £18.1 billion (British Land share: £13.5 billion) as at 30 September 2017 making us one of Europe's largest listed real estate investment companies.
Our strategy is to provide places which meet the needs of our customers and respond to changing lifestyles - Places People Prefer. We do this by creating great environments both inside and outside our buildings and use our scale and placemaking skills to enhance and enliven them. This expands their appeal to a broader range of occupiers, creating enduring demand and driving sustainable, long term performance.
Our Retail portfolio is focused on Regional and Local multi-let centres, and accounts for 49% of our portfolio. Our Offices portfolio comprises three office-led campuses in central London as well as high quality standalone buildings and accounts for 49% of our portfolio. Increasingly our focus is on providing a mix of uses and this is most evident at Canada Water, our 46 acre redevelopment opportunity where we have plans to create a new neighbourhood for London.
Sustainability is embedded throughout our business. Our places, which are designed to meet high sustainability standards, become part of local communities, provide opportunities for skills development and employment and promote wellbeing. Our industry-leading sustainability performance led to British Land being awarded a five star rating in the 2017 Global Real Estate Sustainability Benchmark for the second year running.
In April 2016 British Land received the Queen's Award for Enterprise: Sustainable Development, the UK's highest accolade for business success for economic, social and environmental achievements over a period of five years.
Further details can be found on the British Land website at www.britishland.com
About Dentsu Aegis Network
Part of Dentsu Inc., Dentsu Aegis Network is made up of ten global network brands - Carat, Dentsu, dentsu X, iProspect, Isobar, mcgarrybowen, Merkle, MKTG, Posterscope and Vizeum and supported by its specialist/multi-market brands. Dentsu Aegis Network is Innovating the Way Brands Are Built for its clients through its best-in-class expertise and capabilities in media, digital and creative communications services. Offering a distinctive and innovative range of products and services, Dentsu Aegis Network is headquartered in London and operates in 145 countries worldwide with more than 40,000 dedicated specialists. www.dentsuaegisnetwork.com