The property involved in the agreement is the office building at 1 Stephen Street in W1, west of central London, which is currently being extensively refurbished. Derwent bosses welcomed the deal and reflected positively on the quality of offices that will be offered at the site.
For its part, BrandOpus has made clear its intention to vacate the 5,000 sq ft of Derwent offices it currently occupies elsewhere in West London upon moving to the Stephen Street development.
The overarching plan for buildings at 1 and 2 Stephen Street, which was until recently referred to as Central Cross, is for Derwent to carry out a considerable redevelopment effort in two distinct phases. BrandOpus will begin occupying its 15,400 sq ft of offices upon completion of the first phase. The project is scheduled to deliver a total of 44,000 sq ft of redeveloped space upon completion.
Celine Thompson, head of leasing at Derwent London, said: “We are delighted that BrandOpus has chosen to triple its floorspace presence in our portfolio.
“The initial refurbishment is an important and exciting step in the wider regeneration of 1-2 Stephen Street and the rental level achieved with BrandOpus underlines the reversionary nature of this 256,000 sq ft property.”
Derwent invests extensively in property in and around central London, with one of its main focus areas currently being a planned development project centred on 1 Oxford Street. In collaboration with Crossrail Limited, the company has submitted planning applications for a proposed 275,000 sq ft mixed-use scheme in the heart of London’s West End market.
Editor’s notes: The completed scheme, branded 1-2 Stephen Street W1, was delivered between 2013 and 2016.
Other successful lettings deals were made at the property, including with flexible workspace provider group The Office Group, which subsequently rebranded as Fora and delivers a range of high-end, design-led flexible office space and workspace solutions, such as private offices, coworking spaces, and on-demand meeting rooms.
As of July 2024, BrandOpus no longer occupied the property and had moved to Chapel Place in Shoreditch.
In 2022, Derwent posted revenues of GBP 248.8 million and secured commercial property lettings worth GDP 9.8 million on 163,000 square feet.
In 2023, Derwent secured lettings to the value of GBP 28.4 million.