Green Property has completed a lease 8 James’s Square with The Clubhouse, London’s leading business club and meeting space. The Clubhouse is taking the ground and lower ground floors of the building, totaling 12,760ft² (1185m²), for 10 years at an average rent of just in excess of £50/ft² (€694/m²).
The new tenant has already commenced fit-out works at the property, including the installation of an internal staircase to link two floors, and is also proposing the introduction of a self-contained entrance from Duke of York Street. Currently home to over 250 businesses in Mayfair, The Clubhouse expects to be open for business and welcoming its members at St James’s Square in May this year.
This latest deal brings the number of lettings in the building to five, just 10 months after it was launched, with only two whole-floors remaining available.
Mike Tapp, Green Property director said: “We always envisaged a non-office use for the ground and lower ground floors. Although we had strong interest from a variety of galleries, showrooms and restaurants, we feel that The Clubhouse offers a more complementary use of the space to our existing tenant roster and will provide additional amenity to our office tenants. The Clubhouse is undoubtedly a best in class business, with an exceptional fit-out planned, and we know they were being courted hard by a number of other landlords, so we’re pleased to have the team on board.”
Adam Blaskey, founder and CEO of The Clubhouse said: “With two Clubhouses in Mayfair currently, we are very excited about our move to 8 St James’s Square which will see us retain our Mayfair base at 50 Grosvenor Hill and allow us to increase the products and services we offer to our members as a result of this move to larger space. The Clubhouse is at the forefront of a structural shift in the way many growing businesses are looking to ‘consume’ office space as a service, and this was immediately recognised by Green Property whose entrepreneurial approach and outside the box thinking allowed us to agree a deal in a very short space of time.”
Knight Frank and CBRE acted for Green Property, and Summit Property Advisers acted for The Clubhouse.
