Schroder UK Real Estate Fund (SREF) has announced that Checkout.com will let three floors at the refurbished contemporary office space, Wenlock Works in Old Street, London.
The payment processor will let 63,874 sq ft of accommodation on floors three to six on a 10-year lease, and moves to Wenlock Works as part of its expansion plans after reaching full capacity at its current London office.
In November 2017, SREF began work on extensively refurbishing the former Victorian warehouse, increasing the area from 80,000 sq. ft. to 128,000 sq. ft. With practical completion of the construction works due in December 2019, SREF also confirmed that floors one and two are under offer leaving just the ground and lower ground floors to let.
Jessica Berney, fund manager of SREF, comments: “Brexit may have caused hesitancy amongst some occupiers, but there has been limited impact on office space demand for the right building in the right location has been limited. Tech and media companies have continued to take space in London that is tailored and designed to suit their requirements and offers the flexibility to mould to changing needs over time.
“When redesigning Wenlock Works it was important to create a contemporary multi-let workspace that would appeal to the new generation of innovators who have exciting expansion plans shaping the global and digital landscape. We saw real potential in this London submarket as a hotspot for forward-looking organisations seeking bespoke space and are pleased that our investment has been met with such a positive response from the occupier community.”
Charlotte Payne, People Experience Manager at Checkout.com, said: “As one of London’s fastest growing tech companies finding enough space for our ambitious team has been a challenge. Our new home at Wenlock Works will give us room to hire about 300 more people during 2020, taking the company’s employees in London to about 600 by the end of next year. Checkout.com is a global payment processor but London will always be key to the company’s success and the new office reflects our commitment to this city and its deep pool of talented engineers and software developers.”
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.
Savills, Colliers International and Montagu Evans act as the leasing agents on Wenlock Works. SHB Real Estate acted for Checkout.
