Schroder UK Real Estate Fund’s newly refurbished Wenlock Works offices snapped up by fast-growing tech firm
Marketing VF (MVF), a specialist technology company, has signed for the first and second floors of Schroder UK Real Estate Fund’s (SREF) refurbished contemporary offices, Wenlock Works in Old Street, London.
This agreement – coupled with the recent letting of the top four floors to Checkout.com – takes the property to 86 per cent pre-let.
Technology platform MVF works across 15 industry sectors including financial services and energy, with a workforce of over 400 people across its London and Austin, Texas offices.
The company will move to Wenlock Works as part of its ambitious expansion plans, having been recognised in previous years by Tech Track[i] as the fastest growing technology company in the UK. It will take a total of 40,809 sq ft across two floors on a 15-year lease.
Jessica Berney, Fund Manager, Schroder UK Real Estate Fund, says: “This letting with MVF demonstrates the appeal of Wenlock Works as a prime location for technology and media companies, coinciding with the completion of significant refurbishment works and the recent letting to Checkout.com.
“Despite occupier hesitancy across a number of office submarkets, we were confident a location like Wenlock Works – situated within this popular London submarket – would appeal to ambitious and forward-looking tech innovators.
“Demand remains strong for office space with the right specification and location, particularly for flexible workspace like this which can be tailored and designed around businesses’ current and future requirements.”
Work began in late 2017 to comprehensively redevelop the property, which increased the floor area from 80,000 sq ft to 128,000 sq ft. Practical completion of the construction works is imminent, with discussions ongoing with an occupier about leasing the ground and lower ground floors.
Sir Robert McAlpine carried out comprehensive refurbishments to the building, to create modern, Grade-A office space and an exterior which emulates its industrial warehouse surroundings.
The works include a stylish entrance lobby, re-clad Petersen brick exterior, and steel factory-style windows, which allows abundant natural daylight throughout the building.
These recent lettings at Wenlock Works represent notable examples of the London submarket opportunities within SREF’s portfolio, attracting good covenants to high-quality buildings, which also include One Lyric Square, Hammersmith, Ruskin Square, Croydon and Dept W, Whitechapel.
Savills, Colliers International and Montagu Evans acted as the leasing agents on Wenlock Works. CBRE acted for MVF.