AXA Real Estate Investment Managers, the leading real estate portfolio and asset manager in Europe, announces that, acting on behalf of one of its client, it has fully let 20 Garrick Street, having signed two new leases. AXA Real Estate has recently redeveloped this four store office and retail property in London’s Covent Garden.
A software development company has taken 295 m² of the first floor on a 10 year lease, and a marketing agency, has signed a five year lease to take 262 m² on the fourth floor. Both companies will be using 20 Garrick Street as their new London headquarters and are joining a popular bakery chain, which signed a 10 year lease earlier in the year to take the second and third floors. The retail element on the ground floor is occupied by a fast food chain, which chose the property for its first and flagship London restaurant.
Having taken vacant possession of the building in December 2012, AXA Real Estate completed the full refurbishment of the property in April 2013, working with design experts Wish London and project managers GIA, creating 13,148 1,221 m² of new grade A office space as well as space for a retail offering. The redevelopment included a refurbishment of the existing façade, a renewal of existing mechanical and electrical facilities, and construction of a new reception area and entrance as well as a new bike storage area with lockers.
AXA Real Estate currently has €5 billion of developments ongoing across Europe, €1 billion of which is located in the UK.
Harry Badham, Head of UK Development at AXA Real Estate, commented: “At 20 Garrick Street, we identified the opportunity to maximize the existing space to create a store and highly functional mixed use development in the heart of Covent Garden. Securing these new tenants and fully letting the building marks the successful conclusion of that initiative and clearly demonstrates AXA Real Estate’s ability to create high-quality properties, with a focus on design and functionality. The end product was highly sought after by occupiers and has also allowed us to deliver significant value to our investors.”
Source: AXA Real Estate