2 minutes to read
A Look Back
In previous years, a lack of quality office supply in South West London has led occupiers looking to relocate to viewing options in Putney, Wimbledon and Richmond. These locations represent the core markets of our SW London dataset and benefit from solid fundamentals relevant to any business. The area has an affluent local catchment area, multi-modal (train, tube, car) transport links and a wealth of amenities and green spaces.
Businesses from the broader South East are increasingly looking to move closer to London due to the above core fundamentals. A prime example is Japan Tobacco International moving from Weybridge and taking c.22,000 sq ft of Grade A space at The Assembly Rooms, Putney.
Richmond has outperformed other SW London locations with a prime headline rent of £60.00 per sq ft, but all the transacted demand has been sub-10,000 sq ft. Boultbee's Frameworks development also delivered the quality of stock that smaller businesses needed.
Wimbledon has had a relative lack of quality office supply compared to Richmond. Still, Flight Centre's move from New Malden to c.12,000 sq ft at Chrous, 120 The Broadway, has cemented the prime headline rent at £56.00 per sq ft. 120 Broadway is the most comprehensive refurbishment since the developments of 22 Worple Road and Wellington in 2019/2020.
A Look Forward
There are development schemes in SW London which will appeal to a broad and diverse range of occupiers. In Richmond, Sheen Lane delivers c.40,000 sq ft of new Grade A space at 80 George Street (the former House of Fraser), while Barwood Capital provides just under 45,000 sq ft at the former Eton House, with quoting headline rents at £60.00 per sq ft plus.
In Putney, Brunswick/Akoya are delivering just under 70,000 sq ft at the Parklife development. Coleford Capital/NJG recently acquired Dial House to reposition c.50,000 sq ft.
In Wimbledon, c.31,000 sq ft is under construction at 247 The Broadway, while LIDL attempts to sell their existing building with planning permission for up to 80,000 sq ft.
WRE's Arding & Hobbs Clapham Junction development of c.90,000 sq ft will also attract interest from London and the South East as it approaches completion later in 2023.