Commercial Agency in Review | 2024

Over 2024, many new build development schemes we have been working on in major regeneration zones neared completion or continued to shift. Our multisector teams brought the commercial elements to market across our core patches of east and north London.

Our expertise in regeneration and emerging submarkets, paired with our coverage across a vast cross-section of occupiers, has helped us shift substantial mixed-use developments. 

Notable instructions

Wickside3-13 Hepscott Road, London, E9 5HJ

• Following Strettons' help selling the 4-acre plot, we are pleased to have been appointed to bring the 100,000 sq ft of commercial space available to let or purchase.
• Client – Galliard Homes & O’Shea

Blocks B-E, 1-7 Dace Road, London E3 2NG

• Offering a range of 16 ground floor spaces in a newly constructed scheme at Dace Road, in the popular Hackney Wick/Fish Island area.
• Client - Southern Housing Group 

Red Lion Row, The Silk District, Whitechapel E1 

• The Silk District is a brand new mixed-use development with high specification ground floor office units for sale or to let within Class B1a use, with circa 6,000 sq ft of the scheme allocated for affordable workspace. Occupiers include Lawmatic (solicitors), Citizens UK, and Made with Love Bridal with the remainder of the scheme under offer to a charity.
• Client - Mount Anvil

Key transactions 

Stratford new build development deals

• Over 10,000 sq ft of space placed under offer and into solicitor's hands across multiple instructions.
• Clients - Vastint and Rainham Steel 

9-15 Helmsley Place, London Fields, E8 

• 8,000 sq ft letting agreed to independent fitness operator.
• Client - Ziser Group

Gredley House, 1-11 Broadway, Stratford, E15 4BQ

• Office block conversion to a 151-bed hotel and restaurant in Stratford town centre.
• Retained Client - Travelodge Hotel Limited

11 Station Road, Upminster, Essex, RM14 2SJ

• The new 82-bedroom hotel in Upminster is on a 25-year lease and will provide retail on the ground floor.
• Retained Client - Travelodge Hotel Limited

The office sector continues to experience a period of adjustment, and landlords are increasingly focusing on creating flexible, amenity-rich workspaces that cater to the evolving needs of modern businesses. The year started with a steady flow of office leasing and sales enquiries, leading to a range of transactions in a competitive marketplace shaped by the surplus of traditional supply and increasing numbers of applicants considering managed and serviced office solutions. Following one of our key themes of 2023, owner-occupier sales enquiries were still coming in as those with cash funds or successful borrowing put down roots for their businesses.

Some trends in the London City and Fringe office market began to emerge, which changed how we approached our marketing, leveraged our multisector applicant network and helped landlords position their space for a broad interest base. These trends include a preference for high-spec, ready-to-move-in offices (fitted spaces coming to market were up 30% this year) and repurposing existing office stock for other uses such as hospitality, wellness and medical.

Notable instructions

305a Kingsland Road London, E8 4DL

• Delivering in 2026, a newly built studio/workspace/creative office HQ opportunity facing Regent's Canal in Haggerston. 35,000 sq ft of accommodation will be available over four levels to offer flexible workspaces.
• Client – Private

The Green House, 244-254 Cambridge Heath Road E2 9DA

• 396 - 12,700 sq ft office units to let in an award winning building moments from Cambridge Heath Station, offering manned reception, roof terrace and all modern workplace amenities.
• Client - Private

Dalston Works E8, 5 Martel Place, London E8 2FQ

• Self-contained new mix-use development fully fitted media-style offices with ground and first floor c. 9,250 sq ft let to a global fashion brand.
• Client - Private

The Old Brewery, Blundell Street, London N7 9BH

• 13,000 sq ft warehouse-style offices for lease or sale.
• Client - Private

Key transactions

Century House, Tanner Street, London SE1

• Sale of a consignment of offices in Southwark at £7.25m on a virtual Freehold basis.
• Client - L&Q

Block C, Stone Studios, 80 Wallis Road London E9 5LN

• Long leasehold sale agreed of Block C, Stone Studios comprising 11,700 sq ft of offices.
• Client - Telford Homes Plc

Wool House, 74 Back Church Lane, Whitechapel, London, E1 1LX

• Converted warehouse offering a range of high spec commercial spaces. We were pleased to complete another deal on behalf of our client to an innovative space company moving into a 5,370 sq ft unit.
• Client – Yianis Group

The year started strong, with our retail leasing and occupational sales activity placing Strettons at the top of the EG Radius rankings by number of deals in Greater London. Jon Morell was recognised as the most active retail agent in London by number of deals. As the year has progressed, we are still firmly in the top ranks amongst the top 4, alongside the West End firms.

Notable instructions

Coronation Square, 116 Oliver Rd, Leyton E10 5UJ

• Letting 18,000 sq ft of new retail accommodation in a new mixed-use development.
• Client - London Borough of Waltham Forest

Stratford Market Village, 70-73 The Mall, London E15 1XQ

• Assisted clients in letting over 50,000 sq ft of retail space to London Borough of Newham.
• Clients - Private

Hale Wharf, London, N17 9NF

• New destination on Tottenham Hale waterfront. Plans for the scheme include up to 500 new homes, modern business space and canal-side public realm. Two 760 sq ft and 1,160 sq ft retail spaces are now available.
• Client - Grainger

Key transactions

361-373 City Road, Angel EC1V 2PY

• Off market letting by securing a lease of the whole of the Ground and Lower Ground of to Anytime Fitness.
• Clients - Private

36 Charlotte Road, Shoreditch EC2A 3PG

• Exchanged contracts with Kricket, an expanding collection of modern Indian restaurants combining British ingredients with the flavours and aromas of India.
• Clients - Private

Unit E, Stone Studios, London E9 5LN

• Long leasehold sale agreed of 4,800 sq ft of Class E space. The scheme totaled 50,000 sq ft GIA of commercial space. Pre-sale of affordable element totaling 33,500 sq ft to NGO Fund at £125psf. (blended)
• Sold at £266psf (blended).
• Clients - Telford Homes Plc

Many Islington transactions

• Across the submarket, our team acted on a range of 20 retail transactions across Upper Street and surrounding areas ranging from 437 sq ft to 3,660 sq ft.

Our Investment, Industrial and Commercial Agency teams attended MIPIM, where the overall tone of the conversation was much more optimistic than the previous year, showing more confidence to progress investment discussions. We have been working with clients from private investors, family offices and funds on various opportunities, including shops and uppers, retail parades, campuses of warehouses and purpose-built offices.

With the fall of inflation, the debt market started pricing in cheaper debt, which helps with deals, but active investment requirements are relatively low. The market has re-priced significantly over the past 12 months, so value is now emerging for those with cash to deploy. Investors are seeing huge relative value in offices versus all-time highs, and clients are broadly planning for the year ahead.

Notable instructions

Fordway Works, Dace Road, London, E3 2NG

• 47,000 sq ft self-contained Freehold office building sale guiding at £7.5m
• Client - Southern Housing Group

59-67 Mile End Road, London, E1 4TT

• 14,367 sq ft Rare mixed-use investment & development opportunity across two interconnecting buildings in Whitechapel.
• Client – Private

St Francis of Assisi, Fleetwood Road, London, NW10 1NR

• The site comprises the Grade II listed Anglican church of St Francis of Assisi, constructed in 1911, and a car park which is the hardstanding of a demolished former church hall.
• Client – Diocese of London

Key transactions

Holloway Road Parade, N7

• Freehold portfolio of ten single-storey retail units forming part of a parade. Sold above guide price at £3,100,000, reflecting a 7.65% NIY.
• Client - Estate Office Shoreditch

Billiard Factory, Holloway Road, Islington, N7

• Three freehold warehouses producing an office campus scheme; we completed the sale of the final building, c.8,500 sq ft office building with retail kiosks 93% let to 5 tenants on a 3.11 year WAULT. Sold for £3,500,000
• Client – Fabrix

Warehouse W, 3 Western Gateway, Royal Victoria Dock, London, E16 1BD

• Freehold 9,881 sq ft office block in the heart of Royal Victoria Dock opposite the entrance to Excel London. Sold in August for £2,625,000 | Client - Private