French Connection and Hugo Boss get new HQ landlord

By

Barbara Santamaria

Published
Apr 23, 2018

The UK headquarters of French Connection and Hugo Boss have been acquired by Workspace Group as part of a larger deal including two buildings in Camden.

In total, 85,000 sq ft of warehouse-style offices, reception area and a gym have been sold for a cash consideration of £76.5m. The properties are let to five customers at a passing rent of £53.70 per sq ft with an average unexpired lease term of 8.7 years. 

The buildings also have 12,000 sq ft of vacant space, which has recently been refurbished.

The new owner of Centro 1 and 2 is a FTSE 250 listed real estate investment trust. It owns and manages more than 3.7 million sq ft of business space across 67 London properties. These are home to some 4,000 businesses, including some of the fastest growing and established brands across a wide range of sectors.

French Connection occupies the ground floor of the building, and Hugo Boss renewed its lease, which was due to expire last year, for 12 more years after agreeing to surrender the top floor to a fin tech company.

Ted Baker’s ‘Ugly Brown Building’ is located nearby, where it plans to build a 900,000 sq ft mixed-use office, hotel and residential scheme designed by Bennetts Associates. The new offices will help it double the current workforce from 600 to 1,200 and move into the hotel space.