Royal London Asset Management (RLAM), on behalf of Royal London UK Real Estate Fund (RLUKREF), has exchanged on a pre-leasing agreement with British multinational pharmaceutical company GSK on its new 155,000 sq ft flagship development, The Earnshaw. The new build development will deliver a new ‘Best in Class’ Headquarters office and retail building over 12 storeys.
The building is situated metres away from the new Elizabeth line station at Tottenham Court Road offering unrivalled transport links across London. A location that provides the best access to amenities being on the crossroads of four submarkets Covent Garden, Soho, Fitzrovia and Bloomsbury.
Designed by Apt Architects, The Earnshaw looks to set new benchmarks commercially, socially and environmentally. Benefitting from impressive ESG credentials, it is designed to be rated as BREAAM Outstanding, and WELL Core Gold and is a fully electric building. RLAM has incorporated a number of green initiatives into the space. There are over 8,000 sq ft of terraces over six floors, including a communal roof top pavilion and terrace, with stunning views and a kitchen garden. It also boasts a number of smart technologies, is set to be Wiredscore Platinum and has been built to accept a dual feed power supply.
The development is scheduled for completion in Q3 2023 and GSK plan to move into the building in 2024.
This is the second large Headquarters office pre-let RLAM have completed this year. In February RLAM pre-let a 265,000 sq ft development pre-planning to Hogan Lovells LLP solicitors at 21 Holborn Viaduct/34 Farringdon Street.
JLL acted for RLAM and CBRE advised GSK in this transaction.
Drew Watkins, RLUKREF Portfolio Fund Manager, said:
“The preleasing of this development to a single occupier on a long-term commitment is an excellent result for Royal London’s UK Real Estate fund and we are pleased to welcome GSK. It represents the culmination of years of work and runs to the heart of the fund strategy where we are developing prime centrally located assets for the long term.”
Keith Miller, RLAM’s Head of Offices, said:
“We are delighted to have been able to work closely with GSK in matching the accommodation needs of their business into the future. We look forward to completing the delivery phase of this ‘Best in Class’ sustainable market leading scheme.”
The views expressed are those of the author at the date of publication unless otherwise indicated, which are subject to change, and is not investment advice.