INDUSTRY NEWS

Derwent to start work on new Silicon Roundabout London office

Property investment firm Derwent London is set to build a new office block close to the Silicon Roundabout.

Interestingly, the central London focused Real estate investment trust (REIT) has taken the decision to build the new London office block without any pre-lets.

The 17-storey building will offer 289,000 sq ft of prime London office space in the area and will house 2,500 workers. It is estimated to be worth £200m

The Old Street area, which is widely known as the Silicon Roundabout, has already proved immensely popular with a significant number of IT firms moving into the area.

Derwent chief executive, John Burns, said the decision to start without a tenant was due to the huge demand for office space from these tech firms.

The east London belt from Whitechapel to King’s Cross has proved to be particularly popular, with Google set to move to the latter in a deal worth a reported £1bn.

Mr Burns said: “The area around Silicon Roundabout, Tech City, is doing really well … you have now got a lot of serious companies looking into that area.

“There has been considerable success and we think that it is time to build this.”

The Tech City area was given the go ahead back in 2010 by the Government, and in December 2012, Prime Minister, David Cameron, promised to invest more than £50m into the creation of new technology buildings and offices in the area.

The new office from Derwent is expected to be completed in 2016.

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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