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Savills moves home

The boom in prime London residential property has allowed the upmarket estate agent Savills to move home.

The boom in prime London residential property has allowed the upmarket estate agent Savills to move home.
Savills has signed up for 20-year leases on 64,142 sq ft of office space, out of a total of 102,291 sq ft. The company will pay rent of £68.60 per sq ft and also enjoy a 30-month rent-free period.

The listed company has agreed a deal to move into a new headquarters development close to Regent Street, from its present home in two offices on Berkeley Square.

Jeremy Helsby, chief executive of Savills, said the deal "is a strong expression of confidence in the Savills business going forward and in London as a global financial centre".

He added: "This move will provide Savills with an exciting new London headquarters building for the future benefit of both our staff and our clients."

The pre-let agreement with Great Portland Estates, which is redeveloping the 33 Margaret Street site, is a boost for London because there has been a slowdown in letting deals with businesses reluctant to commit to new office space.

Savills has signed up for 20-year leases on 64,142 sq ft of office space, out of a total of 102,291 sq ft. The company will pay rent of £68.60 per sq ft and also enjoy a 30-month rent-free period

Toby Courtauld, chief executive of GPE, said: "We are delighted to welcome Savills to 33 Margaret Street. As one of the UK's pre-eminent real estate advisory businesses, their move provides a strong endorsement for the quality of the building and we look forward to working with the Savills team to create their new London headquarters."