Vauxhall office rent record 3rd March 2016

Workspace and Notting Hill Housing have agreed two separate leases at their buildings in Vauxhall at rents which have exceeded £50 per sq ft for the first time in the area.

Union Street Partners has acted for Workspace and Notting Hill Housing on separate office buildings on Durham Street, SE11, half way between Vauxhall and the Oval. The combined lettings total approximately 19,000 sq ft and were let to Nutmeg and Interserve respectively.

Rupert Cowling, Partner at Union Street Partners, said: “Driven by the regeneration of Nine Elms, we’re starting to see a real renaissance of Vauxhall, which despite its central location and connectivity has always been an overlooked and undervalued location. We have been predicting for the last 18 months that Vauxhall was capable of breaking £50 per sq ft in office rents, and this forecast has now come to fruition.”

Alex Lewis, Partner at Union Street Partners, said: “A considerable proportion of office stock across Vauxhall is being converted to residential accommodation, which has certainly contributed to the ratcheting of office rents. 

"While breaking the £50 rent is no huge surprise, it remains to be seen what levels of rents might be achieved for the new office stock coming to the market in Vauxhall with views over the river Thames. Vauxhall’s perception as a charity led market is changing rapidly, and the large increases in rents witnessed locally will further underline this.”