“As the economy faces unsteady times, there remains a need for flexibility in real estate arrangements. Retail occupiers are seeking to renegotiate lease terms to allow subletting and variations to diversify their revenue. To slow the decline of the high street, councils are removing permitted development rights in a bid to reduce the loss of retail units to residential and encourage a more mixed retail and leisure provision in vacant units. Out-of-town retail space is also shifting. Cripps is seeing an increased demand for large industrial units as on-line retailers Amazon and Ocado open further distribution centres androbotics warehouses. This is an sector in rapid flux and we’re keeping a keen eye on what’s ahead”
Lucky Voice acquires its largest venue in London
DeVono Cresa advised Lucky Voice on the acquisition of its largest venue in London - playing a part in keeping the Mayor’s dream of a 24-hour city alive. Lucky Voice, (which already has three venues in Soho, Islington and Brighton) will open its fourth site on Chancery Lane in early 2019. The venue (which is approximately 5,000 sq ft) will be home to the company’s largest VIP karaoke room, for over 25 people. It will hold a late license until 3am on week-days and 4am at weekends, a significant contribution to the late-night economy not just the Holborn area but for central London as a whole.
Close to the transport hubs of Holborn, Chancery Lane and Farringdon, the new venue puts Lucky Voice in the heart of a location which has a diverse audience ranging from the flourishing creative industries, traditional professional firms, the long-standing legal sector and of course a thriving student area.
DeVono Cresa has supported Lucky Voice with commercial real estate advice for just over three years. Associate Director at DeVono Cresa, Reehan Khanche comments: ‘The new venue on Chancery Lane presented the perfect location for Lucky Voice to expand their operation and we are delighted to have secured the brand’s first new site in London for more than a decade.’
Lucky Voice Managing Director Charlie Elek says: ‘We’re excited to bring another late-night entertainment venue to the area, and to be playing our part in keeping the Mayor’s dream of a 24-hour city alive. The success of Lucky Voice reflects the fact that there truly is a demand for after-hours entertainment in our Capital, and after three years’ carefully monitoring the market, with the support of DeVono Cresa, we identified and secured the perfect location that will cater for this.’