Creative real estate developer General Projects and global investment firm KKR have announced a series of new lettings at the Heal’s Building, their mixed-use transformation of the iconic department store on Tottenham Court Road.
The flurry of recent lettings takes the building to 75% let with a further 10,500 sq ft under offer and anticipated to complete by summer 2025. This milestone reflects the widespread interest in the characterful building and underpins the culmination of over £20m of investment repurposing the renowned department store for modern-day occupation.
Listed Canadian mining company First Quantum Minerals has taken 12,500 sq ft on the 2nd floor, with plans to relocate this summer, following final fit-out.
Technology company FloQast has signed on 3,500 sq ft of fully-fitted space delivered through Whitepaper, allowing the US accounting transformation software business to increase its presence in London. Yun Noodles of acclaimed Brick Lane opens its second London location in a 2,500 sq ft retail unit on Torrington Place.
In addition, four existing tenants have renewed leases, a testament to the success of the repositioning works. Housing association Anchor Hanover Group has renewed 5,500 sq ft, editing and post-production business Whitehouse Post is retaining 4,800 sq ft, and healthcare and life sciences company Huntsworth has re-signed its 10,000 sq ft office space. Another unnamed tenant has signed a long-term lease for its 5,400 sq ft office suite with additional investments made for enhanced fit-out.
Robert Selwyn, Senior Asset Manager at General Projects, said:
“These lettings highlight the demand for high quality reused and repurposed buildings in today’s market. The building is not only steeped in history but now provides energy efficient workspace, along with a new range of amenities, aligning this Grade II* Listed building with the working habits of the future.
“The diverse nature of our occupiers reflects the wide-reaching appeal and vibrancy of this unique building in the heart of London. We’re passionate about making Heal’s fit for the next generation and a truly mixed-use campus of companies that benefit from the ecosystem of a shared creative working environment.”
Nicky Barker, Head of Asset Management for KKR’s European Real Estate team, said:
“We are pleased with the leasing performance of the iconic, newly transformed Heal’s building. The project team had delivered a thoughtful reinvention of one of the West End’s landmarks, strengthened by excellent sustainability ratings while honouring the heritage of the building.”
Hannah Buxton, Parter at RX London, said:
“The appeal of reimagined buildings, such as Heal’s, is becoming increasingly evident in the London office market. By transforming these assets to accommodate a diverse range of cross-industry tenants, they offer a unique blend of character in both the physical structure and the quality of occupiers. The building’s prime location, close to the Elizabeth Line, combined with its historical and cultural value, makes it an attractive and sought-after destination for businesses.”
RX London and ECP acted on behalf of General Projects.
The reimagined Heal’s Building combines old and new across eight interlinking buildings, with sympathetic references to its industrial heritage as the former department store and factory in which Heal’s originally designed, manufactured sold and dispatched its furniture. The newly reimagined spaces preserve and revitalise the mix of historic buildings across the site, home to the furniture brand for more than 200 years.
Key to unlocking the redevelopment was the provision of a newly designed retail space for Heal’s, which now occupies the entirety of the ground and lower ground floors, reinstating its street presence as the anchor destination of the West End’s design and furniture district. The upper floors of the development have been reimagined to provide unique, design-led workspaces with a wide range of available floor plans.
