L&G completes letting of Wardour Street development with the addition of Wagamama and Angela Mortimer
Legal & General Property (LGP) and Walbrook Land are pleased to announce that they have let a further two floors at Seventy Six Wardour Street, their Soho office-based redevelopment scheme, signaling the full letting of the building, with rents ranging up to £75 per sq ft.
Popular restaurant chain, Wagamama, has taken 7,080 sq ft on the third floor of the building on a 15-year lease, while recruitment firm, Angela Mortimer, has taken 7,037 sq ft on the second floor on a 10-year lease. Created by Alan Yau in 1992, Wagamama is a British-headquartered restaurant chain, serving pan-Asian food in the style of a modern Japanese ramen bar. Specialising in business support and executive roles, and founded in 1976, today Angela Mortimer Group has a total of 19 brands and occupies offices across the UK, as well as in Brussels, Paris and Amsterdam. Both businesses will occupy Seventy Six Wardour Street as their new London headquarters.
The deals follow closely behind the letting of the first floor to Thoughtworks, signaling the full letting of Seventy Six Wardour Street within 13 months from practical completion. The property is held by LGP’s Managed Property Fund and has returned a 46.7% profit on cost. The Managed Property Fund was launched in June 1971 and is an open-ended Fund available to occupational pension schemes.
The scheme, which LGP redeveloped in conjunction with Walbrook Land, has been subject to an extensive refurbishment of the existing period building in order to create 33,000 sq ft of premium office space spread over the five upper floors of the building. Designed by William Woodward and constructed in 1906, the building was originally occupied by French film company, Pathé, and considered to be one of the earliest sites of a public cinema in the UK.
In addition to the office redevelopment, LGP has surrendered the lease of a former bar and nightclub held in the ground floor and basement space, reconfigured the unit and re-let it to Vapiano Ltd, a popular Italian restaurant. Maximising the street frontage and gross internal area, the project has seen an increased in rent per annum of £0.21 million and an additional added value of £2.2 million.
Mark Russell, Senior Fund Manager of the Managed Property Fund at Legal & General Property, commented: "These latest letting bring our active asset management strategy to a highly successful conclusion. We acquired Seventy Six Wardour Street in 2011, having identified the potential growth of the micro-location and with the knowledge that the building was capable of offering excellent floorplates of a size to appeal to a diverse occupational base. Our careful remodeling of the office floors and services, in conjunction with Walbrook Land, has allowed us to capitalize on the consequential strong demands of rising rents seen over recent months for the best space in this central Soho location.”
DTZ and Edward Charles & Partners acted for LGP, BDG Sparkes Porter acted on behalf of Angela Mortimer Group and Pilcher Hersham Partnership represented Wagamama.
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For further information, please contact:
PR Manager, Legal & General Property
020 3124 2777
Notes to editors:
Legal & General Property:
Legal & General Property (LGP) is a wholly-owned subsidiary of Legal & General Investment Management (LGIM), one of Europe’s largest institutional asset managers and a major global investor. LGIM manages approximately £465bn in assets on behalf of over 3,100 clients (30 June 2014) and provides products and solutions spanning all asset classes. LGP is the fourth largest institutional property fund manager in the UK, managing or co-managing 17 separate funds or vehicles including three segregated mandates with an aggregate asset value of £14.5bn as at 30 September 2014. These funds include:
Life Fund; Linked Pensions; Linked Life; Managed Fund; Legal & General UK Property Fund; UK Property Income Fund I; UK Property Income Fund II; LPI Income Property Fund and the Hybrid Property Fund
Specialist Pooled Funds
The Leisure Fund Limited Partnership; Industrial Property Investment Fund; Arlington Business Parks Partnership; and the English Cities Fund
Single Asset Vehicles
Bracknell Regeneration Partnership; Central Saint Giles Partnership.
LGP’s UK-focused fund management platform has built and retained a strong track record of out-performance. Owing to its size, diversity and penetration, it benefits from best-in-class banking and property contacts which, along with its wealth of in-house skill and expertise, have enabled it to continue to attract and secure high quality market opportunities.
Taking a client-centric approach, the business places the highest priority upon integrity and transparency, leveraging the significant resources provided by the wider LGIM platform. Protecting the medium to long term value of its portfolio, as a leader in sustainability, green principles are embedded into every property and investment decision.
Sector specialists cover each sphere of the market and are supported by LGP’s market-leading research capability. In particular, the Company has a major development platform, responsible for delivering community-focused projects ranging from West End landmark buildings to significant town-centre retail and leisure regeneration schemes.
Forming part of the Group’s larger UK housing and infrastructure investment strategy, LGP also continues to participate in a growing range of supply side housing activities, including financing affordable homes, the house building sector, urban regeneration, student accommodation and care homes.