NEWS ARCHIVE

ARAMCO EXPAND AT CENTRE POINT | 26/02/10

Aramco, the largest oil corporation in the world, has expanded within Centre Point, Targetfollow’s Iconic London West End office tower. The completion of a pre-letting means that the existing occupier has doubled in size within the building since February 2008, and the takes the occupation level of the 238,000 sq ft mixed use building to up to 99%.

Alan Howard, Targetfollow’s Associate Director responsible for the Building, commented:
“Aramco is a major global operator, and in 2008 chose Centre Point to open its first UK office, which was formerly based in the AOC global headquarters in The Netherlands. After just over two years Aramco has chosen to commit for a longer term and expand within our building, which speaks volumes about both the level of service and customer satisfaction within the building”.

“We are very proud of the significant improvements that we have made to the building to provide a unique tenant offer. Not only is the building now attracting global blue-chip companies but we are working with them to support growth and longer term commitment. This deal, securing a rent of £55 psf over two floors, sends a strong message about where the building is it terms quality of space and service, and we were delighted to work closely with the team at Aramco to deliver on their expectations”.

One of the Capital’s landmark buildings and a striking part of the skyline, Centre Point has been revitalised through a systematic programme of refurbishment, and is now the focus of a much wider regeneration scheme within London’s West End.

Over the past four years, under the ownership of Targetfollow, one of the UK’s leading private property groups, not only has the offer for occupiers been significantly upgraded but the rental income has been made more secure.

At the time the company bought the building, it had 12 vacant floors, some 25% of the floor area, with a further 14 floors let on leases that were due to expire within three years and largely medium-sized IT sector tenants.

Today Centre Point is a vibrant vertical village, which has benefited from a comprehensive £14.5 million Grade A refurbishment programme of 25 floors or 76% of the building in four years.

Vastly improved offer attracts blue-chip global tenants

Occupiers in the building now range from William Morris Endeavor - the top US talent agency, Petrochina- the most profitable company in Asia, EA Games- a market leader in the electronic gaming industry and the building’s longest serving tenant, the hugely respected and influential CBI, which hosts a continual stream of visiting dignitaries, heads of state, industry leaders and politicians.

The addition of Paramount Private Member Bar and Restaurant following a change of use to the top two floors of the Tower has been a fantastic facet to Centre Point, raising its profile considerably and providing a highly prized amenity for existing and prospective tenants. Members include a number of high profile visitors, with the likes of Lord Saatchi, Keanu Reeves regularly attending the building.

Future development offers further investment uplift

Centre Point is at the heart of one of London’s most intensive urban regeneration plans and the focus of the renaissance of the Capital’s West End. The general infrastructure and public realm serving Centre Point will be significantly improved over the forthcoming years with the upgrade of Tottenham Court Road Station and subsequent development of the ambitious £16 billion Crossrail scheme. The latter will bring Heathrow Airport within a 25 minute train journey to the west and Canary Wharf within 15 minutes to the east.

Centre Point is also set to become the focal point of London’s newest business/ leisure / residential community. The sites occupied by Centre Point, and nearby properties, have been identified by the planning authorities as a key area for intensification within Central London, where high-density mixed-use development will be promoted.

Targetfollow’s Development Department continues to progress the design parameters of a proposed scheme, with a view to submitting a planning application in 2010.

Centre Point
Centre Point is one of London’s most iconic buildings and was the West End’s first landmark office tower. The property is Grade II listed, with the Royal Fine Art Commission praising the building as having “an elegance worthy of a Wren steeple”.

Designed by architect, Richard Seifert, and constructed in 1966, Centre Point comprises 238,000 sq ft (22,124 sq m) of office, retail, leisure and residential accommodation with the benefit of secure basement car parking and servicing. The property sits above Tottenham Court Road Underground Station, offering an island site extending to 0.48 hectares (1.18 acres).

The office element of the building comprises 143,000 sq ft (13,300 sq m) and is located within the main tower, with all floors benefiting from good natural light and unrivalled panoramic views across London.