New Deal Brings One Westfield Avenue to Full Capacity
International Quarter London (IQL) has signed a deal to lease 21,459 square feet of space to The Insolvency Service at One Westfield Avenue in Stratford. Letting the 16th floor brings the new office building to full occupancy.
The Insolvency Service, an executive agency of the Department for Business, Energy and Industrial Strategy, has taken the space on a 10-year lease and will bring 250 employees to east London. They will be joining the Financial Conduct Authority (FCA), Unicef UK and the Nursing and Midwifery Council at One Westfield Avenue.
Jonathan Emery, Managing Director of Property, Europe, at Lendlease, said: “The Insolvency Service’s move to IQL further bolsters Stratford’s position as a thriving business quarter for London. Stratford and the surrounding area continue to attract a broad range of businesses that want to benefit from great transport connectivity, coupled with a wealth of health and wellbeing benefits.”
Adrian Lee, Development Director at LCR, said: “Welcoming yet another leading organisation to IQL has further strengthened its position as a world-class employment destination in the capital. A truly unique location in the heart of East London, staff benefit from spaces designed to accommodate agile working and collaboration with outstanding leisure and sporting facilities on their doorstep.”
One Westfield Avenue features views across the Queen Elizabeth Olympic Park and its range of world-class sporting facilities, as well as a diverse retail offering around Endeavour Square.
IQL is a major new London neighbourhood of around nine hectares. Its community includes workspace, homes and dynamic public spaces, with health and wellbeing at its heart. The neighbourhood is already home to TfL, the FCA and Unicef UK, across two office buildings, while a third building is under construction with space already pre-let to Cancer Research UK and British Council.
About International Quarter London:
- International Quarter London is a £2.4 billion joint venture development between Lendlease and LCR. Located at the heart of Europe’s largest urban regeneration in Stratford, the project will deliver four million sq. ft. of Grade ‘A’ office space, new homes and community facilities within a 22 acre (c.9 hectare) site.
- With the vision to create London’s new home for progressive businesses, International Quarter London benefits from an abundance of green space and fresh air, access to some of the world’s most forward-thinking cultural institutions, unrivalled transport connectivity and a workplace design that has employee wellbeing at its heart.
- Progress is well underway onsite with the first two residential towers now complete and more than one million sq. ft. of office space already pre-let. Investments from Deutsche Bank Asset Management and Legal & General totalled more than £615m of forward sales for the first two commercial buildings, one of which TfL took handover of in September 2017, and the other the Financial Conduct Authority took handover of in March 2018.
- A third building, accommodating more than 7,000 employees is also underway on the south site, with space there pre-let to Cancer Research UK and British Council.
- Lendlease is a leading international property and infrastructure group. In the UK, it is the only fully integrated retail, residential and commercial provider delivering end-to-end property solutions. The company has core capabilities in development, investment management, construction, asset and property management.
- Lendlease is behind some of London’s largest and most exciting mixed-use regeneration projects such as Elephant & Castle and International Quarter London.
- Lendlease is listed on the Australian Securities Exchange and operates in four key regions – Australia, Asia, Americas and Europe. The group has more than 12,000 employees worldwide.
- Lendlease was recognised as the UK’s Most Sustainable Residential Developer by the NextGeneration Sustainability Benchmark for setting new standards of sustainability and customer engagement in 2017, scoring more than double the industry average.
- LCR is wholly owned by the DfT and specialises in the management, development and disposal of property assets within a railway context and, in particular, property assets associated with major infrastructure projects across England. LCR was responsible for the delivery of the High Speed 1 railway comprising St. Pancras International, Stratford International and Ebbsfleet.
- Today, having divested of HS1, LCR’s primary focus is in the area of property development and land regeneration. In London, LCR is a joint venture partner in the £2.4bn strategic development at International Quarter London in Stratford; in 2016 the organisation also sold its 36.5% share in the major regeneration programme at King’s Cross, for which it was a steward for almost two decades. In addition, LCR is working with the DfT and Network Rail to bring the Waterloo International Terminal back into use and is transforming the arches at Leake Street into a new dining and leisure destination.
- Nationally, LCR and HS2 have established the HS2 Growth Partnership to work with local authorities, in line with their local HS2 Growth Strategies, to bring forward development around stations on the proposed HS2 route.
- LCR is involved in a number of high profile development projects, many of which are a result of LCR taking ownership of BRB (Residuary) Ltd properties in 2013. These include the regeneration of the 24-acre Mayfield site in Manchester, along with Manchester City Council, Transport for Greater Manchester and specialist regeneration and property developer U+I; and a substantial refurbishment of one of Derby’s principal engineering employment centres, the RTC Business Park, which offers 430,000 sq ft. of office and commercial accommodation.