The Leading News & Information Service For The Facilities, Workplace & Built Environment Community
Retailer John Lewis has secured conditional planning permission from Westminster City Council to convert 28,135 square metres of retail space into offices.
This equates to around 45 per cent of the flagship Oxford Street store.
The city council’s decision was made on the basis of “exceptional circumstances”, according to reports by The Evening Standard.
According to the real estate adviser Altus Group, the John Lewis store in Oxford street has an ERV (estimated rental value) on the open market of £19.91m – the third highest in England.
In their financial results for the first half of 2020, The John Lewis Partnership reported that they had made a loss of £55m, and that sales were down around 30 per cent on last year,
In April, the group set out a worst-case scenario for the full year of a sales fall of 5 per cent in Waitrose and 35 per cent in John Lewis. They are also aiming to make £100m of head office savings.
Raj Krishnamurthy, CEO of workplace technology solutions Freespace, predicts that new office spaces such as this will need to balance office space demand with capacity management:
“Organisations of all sizes will need to remain nimble given the highly unpredictable situation and the constant threat of additional outbreaks. A data-led approach can support this and ensure longevity when it comes to business continuity and workplace safety and compliance.
“This insight, gleaned from workplace technology, can support business leaders in their plans to dramatically alter their commercial real estate to comply with social distancing measures. Space bookings and occupancy sensors which are linked to cleaning systems and processes can also provide a highly effective and visual reassurance of internal COVID-19 control measures.
“All of this considered, any new or existing office will be faced with increased demand for collaborative spaces where teams can come together safely to innovative and problem solve. This has what’s been missed for so long.”
Picture: a photograph of a central London street
Article written by Ella Tansley | Published 29 October 2020
The UK chairman of PricewaterhouseCoopers has confirmed that the accounting firm is not planning to downsize any of its office space, despite the “new normal”...
Read Full ArticleThe Scalpel, one of the most recognisable London skyscrapers, is to be put up for sale. Property Week revealed that insurance firm W R Berkley is looking for around...
Read Full ArticleDespite 2020’s working from home revolution, five of the biggest tech giants are still demonstrating confidence in their physical office space. Recent research...
Read Full ArticleA landmark Leeds office building, destined to be Channel 4’s headquarters, has reached completion. The Majestic first opened as a 2,400-seat cinema back in 1922,...
Read Full ArticleUnused office space after coronavirus could prove costly for companies, as research predicts over 70 per cent of all office rent paid by businesses in London will be...
Read Full ArticleHDR | Andrew Reid, the commissioning, design and diagnostic consultancy, is to be appointed as commissioning managers by Wates and Landsec for the London building. One...
Read Full ArticleData from Cushman & Wakefield shows that prime headline rents either remained stable or rose in all of the UK’s “Big Eight” regional office markets...
Read Full Article“Return to work safe, in a beautiful space,” is the message being put forward by HUMAN by Quadrant Design. With 20+ years of experience designing...
Read Full ArticleMitie has won a new contract to deliver maintenance and security services for the lingerie and swimwear retailer Bravissimo. The new partnership, which started on 23...
Read Full ArticleNational commercial property and investment company, LCP, has chosen Axis Group to provide an integrated cleaning and security service for six of its shopping...
Read Full Article
.gif)
.gif)
.jpg){kind=logo}
.jpg)
.png)
