Development Securities PLC and the SWIP Property Trust announced that UKTV has signed a 15-year lease at 10 Hammersmith Grove to occupy the fourth and fifth floors of the building, representing 32,500 ft² of office space. UKTV, the multi-award winning media company that reaches over 42 million viewers per month, will move from its existing offices at 245 Hammersmith Road.
Forward-funded by the SWIP Property Trust for £50 million, 10 Hammersmith Grove is the first of two office buildings in the center of Hammersmith, adjacent to the underground station. It includes 110,000 ft² of grade-A office space as well as extensive new public realm and three restaurant units at ground level.
Julian Barwick, Executive Director, Development Securities said: "Hammersmith is a well-connected London office location where occupier demand is strengthening and yet the supply of high quality office buildings is limited. 10 Hammersmith Grove offers a superior, West End quality product to this market. We are delighted that UKTV has decided to relocate its headquarters to 10 Hammersmith Grove and with strong interest in the remainder of the space, we look forward to announcing further lettings in the near-term."
Kerri Hunter, Deputy Manager of the SWIP Property Trust comments: "One of the attractions of doing development is being able to create high quality investment product by building grade-A office space that attracts high-caliber tenants on long leases. 10 Hammersmith Grove falls firmly into that category and our letting to UKTV supports that view."
"10 Hammersmith Grove will be a ground-breaking facility for UKTV," says UKTV Chief Executive, Darren Childs. "The new development increases the size of our current office and gives us the opportunity to create an inspirational working space fit for a broadcaster with a commitment to technology, imagination and the future of media."
Development Securities was advised by Jones Lang LaSalle. UKTV was advised by Nick Rock at BNP Paribas Real Estate.
Source: Development Securities