Record Breakers!

16th April 2013

As featured in this week’s Estates Gazette, Richard Susskind & Co. are delighted to announce that, on behalf of our client City Realty Ltd. we have now pre-let every floor at 131 Shoreditch

High Street.

We sold the building two years ago to our client who substantially refurbished the building in order to attract tenants from the tech and media sectors.

Re-designed by the Space Group of Architects, the property now reflects the personality of the surrounding area whilst exposing some of its raw industrial characteristics, maintaining the historical façade. The refurbishment is of the highest quality and is a perfect example of how to transform a 1980’s style interior into one that will appeal to young and trendy Shoreditch brands.

House of Hackney have taken the lower ground, ground and second floors of the building.

Moving into a prime location at the Northern end of Shoreditch High Street, House of Hackney, who produce luxury home furnishings, have acquired a total of 3190 Sq Ft. The company prides itself in creating high quality, playful pieces which oppose more traditional, minimal home ware products. An average overall rent for the ground and lower ground floor of £35.50 per sq ft was achieved.

A record rent for Shoreditch has been achieved on the second floor, which is £42.50 per Sq Ft for a five year lease term.

Well known for its charming and quirky array of shops and bars, we’re confident that House of Hackney will feel at home on Shoreditch High Street.

The first floor which also has the added amenity of a roof terrace at the rear, has been let to Rentify Ltd, who offer free advertising space and a property management service will be taking on 1,029 Sq Ft at a cost of £42.00 psf.

It is important to note that when our client acquired the building in 2011 the average rent in the area was £15.00/£18.00 per sq ft. These lettings at over £40.00 per sq ft are another clear indication of staggering rental growth in Shoreditch over the last two years and the type of rents we expect to see achieved at similar properties in the near future.

We have been retained by City Realty Ltd to dispose of another fantastic Shoreditch scheme of over 15,000 sq ft at 141 Curtain Road. Please contact us for more details.

We wish both House of Hackney and Rentify the best of luck!

Paul Belchak & Co acted for House of Hackney, Rentify were unrepresented and Richard Susskind & Co acted for City Realty.