Residential rental demand in Fitzrovia is set to surge with the much anticipated completion of local developer Great Portland Estate’s Rathbone Square development. This landmark mixed use scheme, which is Great Portland’s largest ever development project is set to become Social media giant Facebook’s new London HQ. Taking 230,000 sq ft of office space at a rent of £17M per year, Facebook have hired an additional 500 staff, including engineers, marketers and sales teams to work in their dazzling new HQ.
Influx of International Business
With Facebook having signed a 15 year agreement, this move is clearly part of a long term strategy. Facebook are not the only new age tech firms moving into the area, with Google having unveiled plans for a new £1 billion, 10-storey, 65,000 sq ft Kings Cross HQ. Fitzrovia, with its excellent transport links and quick access to The West End and City, already hosts a varied selection of international businesses who have chosen this part of town to base themselves within. This includes Ove Arup and Partners, for whom developers Derwent London are currently in the process of building a brand new state of the art HQ at 80 Charlotte Street. With such an influx of workers and with Transport for London’s existing infrastructure already operating at full capacity, the appeal of a lengthy commute is limited.
Current State of the Rental Market
Hudsons are expecting a surge in demand for local, good quality rental living space. Two such schemes that have quickly established themselves as highly prized residential destinations are Pearson Square, located on the site of the now gone Middlesex Hospital, and The Triton Building on Regents Place. Rents command a high premium at both of these top end developments. Rental values have already hardened this year with demand increasing across all price levels but particularly for higher quality contemporary living space. If you’re a home owner considering letting your property – please don’t hesitate to give us a call. You may be very pleasantly surprised by what we have to say.