Westfield finds second tenant for Olympic Park office space just 88 days before the start of the London 2012 Olympic Games
With just 88 days to go until the London 2012 Olympic Games, London’s refurbishment and redevelopment projects are engaging the finishing touches. Westfield has recently found its second biggest tenant for the Olympic Park’s office building – the London Legacy Development Corporation who signed up last month for a 10-year lease.
Westfield are hoping that the site, One Stratford Place, will see more tenants who wish to rent office space in East London by the start of the Olympic Games.
Offering 130,000 square feet of office space to rent, One Stratford Place is nearly complete and Westfield has a strong belief that this regeneration will bring many more businesses to the area. This is the first stage of around 1.1 million square feet of planned Stratford office space to rent.
The first tenants to take up office space were bookmaker Coral who have signed up for a 15 year lease for 31,000 square feet of office space. They moved in on the 13th February, and the London Legacy Development Corporation is due to follow suit with their 20,000 square foot office space in May.
Coral has combined head office staff from three of their locations in Barking and have taken up one and a half floors within One Stratford Place, claiming that the area is already doing exceptionally well.
Head of Property at Coral, John Kerr, says, “This is not an Olympic bubble. We wanted to stay in east London and, when you look, there’s nothing much that compares to the fantastic transport links and facilities that Stratford offers.”
Having already established 1,718 betting shops, Coral have given themselves a target to open another 70 per year for the next three years. They spent roughly £3 million on their East London office space at One Stratford Place, and have transformed the reception area into a replica of one of their shops.
Westfield has plans to implement the next stages of its office scheme, and have already gone ahead with marketing 200,000 square feet of office space to rent opposite the Stratford City Holiday Inn.
John Burton, Westfield Development Director, says, “We have a number of discussions on the remaining half of the building and I would be surprised if we haven’t nailed the rest of that by the games. During the games the British Olympic Association will be in there and a number of other businesses are taking short-term space, so we’re actually in pretty good shape.”
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