The British high street department store business Debenhams has committed to occupy an extra 29,000 sq ft of office space in West London on the basis of pre-let terms agreed with British Land. The company had already signed up to take just under 150,000 sq ft of offices at the same Brock Street development at Regent’s Place but now added to that commitment considerably.
British Land is in the process of substantially redeveloping the entire Regent’s Place part of West London, with the site earmarked for Debenhams to form part of the mixed-use North East Quadrant element of the overall scheme. The entire effort is expected to complete in the first half of 2013 and it is on schedule to deliver over three quarters of a million square feet of new offices to the West London market.
Debenhams has now committed to occupying a total of 174,500 sq ft of offices at 10 Brock Street as part of its strategy of consolidating its office space presence in the West End of London. Its base at the Regent’s Place site is to be used as a national operating headquarters.
“It is hugely pleasing to be letting this additional space to Debenhams, in what is the largest pre-let in the West End for over six years,” said Tim Roberts, head of offices at British Land.
“The confidence of major corporates such as Debenhams to select Regent’s Place as the location for their headquarters is further evidence of the strength of the estate’s appeal, services and amenities and of the increasing demand from occupiers for high quality office space,” he said.
British Land, which is one of the largest real estate investment trusts, has noted that Debenhams will join companies like the digital marketing firm Aegis and the energy giant Gazprom in having its UK headquarters at Regent’s Place, which is in SW1.