INDUSTRY NEWS

Allied Irish Bank benefits from London Office Space

Allied Irish bank is set to benefit hugely from London office rentals in the West End of London.

As office rentals in the West End increase in price, reaching a record £170 per square foot, Allied Irish is set to reap the benefits. The bank along with Green Property will be introducing a new office building in St. James’s Square, where rents will be starting at £150 per internal square foot.

It has been reported that the top floor level of the studios headquarters will see starting rent prices in excess of £170 per square foot. Initial interest in the office space has come from numerous hedge fund companies and oil companies.

This price would beat the prior record of £140 per square foot, paid by Permal Investment Management Services in 2007.

The launch comes at the same time as Levy Real Estate and IPD-MSCI’s new research stated that capital values in St. James’s Square increased by 19.4 per cent in 2014, just above the average rate of London growth (17.2per cent).

Levy Real Estate partner, Simon Heilpern, stated: “With investor demand fierce and development still running to feed the supply pipeline, we have seen an exceptional two years in London’s property markets.”

By: Kirsty MacGregor

News bought to you from DeVono Cresa, the award-winning commercial property advisers, specialising in Central London office, retail and leisure space.

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