INDUSTRY NEWS

Saatchi base to be converted into office space

According to The Telegraph, world famous advertising agency Saatchi & Saatchi is set for a major overhaul that could create new London office and retail space in the city.

Known for creating such memorable slogans as Carlsberg’s ‘Probably the best lager in the world’, the agency’s London base in the West End is to be overhauled by Derwent London, the FTSE 250 property company that owns the building. It is planning to spend more than £100m on regenerating the site and intends to create a mixed-use scheme with 320,000sq ft of new office and retail space, as well as 55 flats, including 15 affordable homes.

Derwent has submitted a planning application for the project, with Saatchi & Saatchi’s lease expiring in March 2013; the advertising agency is poised to move in time for the project to begin.

Founded in 1970 by brothers Maurice and Charles Saatchi, Saatchi & Saatchi has become synonymous with its Charlotte Street base, meaning these changes will have a huge impact on the area and will follow the immortal lines engraved into the steps outside the building; “Nothing is Impossible”.

Commercial property news brought to you direct from DeVono Cresa, experts on London office space.