Former Rangers Chairman Opts for Office Space Rebuild
Yet another mothballed office development in Central London is being revived according to a report published in The Scotsman, with the property company owned by former Rangers Football club chairman Sir David Murray apparently planning an ┬ú80m rebuild of Plumtree Court ΓÇô abandoning the original plan of simply refurbishing the Central London building.
The office scheme, which is currently home to PricewaterhouseCoopers, will become vacant and ready for its rebuild in early 2012, following a decision by the audit and accountancy firm to vacant the property when its current lease expires in December 2011.
Looking at the serviced offices available in this same area via the officebroker.com service, it is easy to see that the space available comprises of a large quantity of Grade A office space, reflecting the high value businesses that often choose to locate their offices in this area of Central London.
In a reflection of this, the average price per workstation in a serviced office located in the EC postcode have remained amongst the highest of any location in the UK, with a six-month average price of ┬ú464.00 p/w in the EC postcode being 110% higher than the national average of ┬ú220.00 recorded during the same period. (Jan ΓÇô Jun 2010*)
The new development at the Plumtree Court site, which it is reported will consist of 10 storeyΓÇÖs and 300,000 sq. ft. of office space, will no doubt seek to attract a future tenant of the same stature as the current occupier PricewaterhouseCoopers.
Although no completion date has been announced and the project is still to secure financial backing, the project would add to the growing number of formerly mothballed office developments that are springing back to life ΓÇô aimed at filling the shortfall in supply being predicted in Grade A office space within Central London. Other projects include the ΓÇ£Walkie TalkyΓÇ¥ tower and British LandΓÇÖs ΓÇ£CheesegraterΓÇ¥ ΓÇô both of which will be built in the EC area of Central London.
If you are looking for office space in Central London, or any other location worldwide, visit officebroker.com ΓÇô the UKΓÇÖs largest independent broker of serviced offices and the perfect place to begin and end your search for a new office.
*Average price based on officebroker.com data ΓÇô January – June 2010.