Derwent London has completed the first five lettings at its recently completed Tottenham Court Walk development which is the first major step in the transformation of Tottenham Court Road.
The developer has confirmed that retailers Hotel Chocolat, Planet Organic, DF Mexico, Leon and T2 will take up space within the development, many of whom will be utilising the opportunity to launch their businesses in the area for the first time.
Derwent London has also indicated that a further unit is under offer and negotiations are underway with a range of interested parties, meaning that the development is around 70 per cent pre-let or under offer in the weeks leading up to the official opening.
Tottenham Court Walk has been cited as one of central London’s most exciting up and coming redevelopments, with Derwent London having transformed what was previously a dark recessed arcade into a 38,000 sq ft high quality retail and leisure destination.
As part of the scheme, the developer has created nine double height units on a more prominent street line as a means of offering local consumers a more diverse and exciting tenant mix, as well as enhancing the existing Odeon cinema and installing a remodelled entrance.
Chief executive officer of Derwent London, John Burns, believes that the new-look development will prove popular with local residents and visitors to central London.
He says; “We are very pleased to secure these lettings on our 1.8 million sq ft Fitzrovia estate, introducing a wide range of retail and restaurant users who share our vision of a revitalised Tottenham Court Road.
“This is only just the beginning as the whole area will be supported by other initiatives from Camden, neighbouring landowners and Crossrail itself.
“Together we expect these improvements will see the area reclaim its title as ‘London’s crossroads’.”
The five new lettings are the first step in modernising Tottenham Court Road and bringing its offering in line with the expectations of 21st century consumers. Where previously Tottenham Court Walk was solely occupied by electrical goods retailers, the new mix of leisure and retail brands combined with the avenue style pavement to allow for alfresco dining has brought the area more in line with nearby Oxford Street.
Derwent London’s involvement in the transformation of Tottenham Court Road began in 2010, when it acquired the 266,500 sq ft Central Cross office building and began work to remodel over 50 per cent of the property’s interior space.
Since then, it has rebranded the property as 1+2 Stephen Street and upgraded the building’s ground floor in anticipation of the upcoming Crossrail project which, from 2018, will make Tottenham Court Road one of the best connected destinations in London, attracting around 110 million visitors per year.
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