3 November 2022
Invesco Real Estate and YardNine welcome St. James’s Place to Fifty Paddington
Invesco Real Estate, the global real estate investment manager, alongside development manager YardNine, the property development and asset management company, have agreed a new 15-year lease for just under 10,000 sq ft of Grade A office space with St. James’s Place Wealth Management Group Ltd, the FTSE 100 wealth management business.
Taking the entirety of the fifth floor of Fifty Paddington, which includes 2,500 sq ft of roof terrace space and 9,896 sq ft of high-quality office accommodation, St. James’s Place will benefit from extremely easy access to Paddington Station, providing strong connectivity via national rail services as well as the London Underground, including the recently opened Elizabeth line.
Fifty Paddington, the new 75,000 sq ft office and retail development at 50 Eastbourne Terrace, is now 40% let. YardNine and Invesco Real Estate previously agreed a lease with Cerner (now owned by Oracle), the US supplier of health information technology services, devices, and hardware, for the 14,137 sq ft first floor of the building, while the ground and lower ground retail units have been let to casual dining restaurant, Vapiano, and personal trainer-led gym experience, Ultimate Performance, respectively. The café unit fronting Eastbourne Terrace has also been placed under offer to an artisan coffee shop operator and is due to open before Christmas 2022.
Mark Younger, Director of YardNine said:
“We designed Fifty Paddington with the ambition of setting a new standard of best-in-class office space in an increasingly popular destination. This newest letting is a strong endorsement of this strategy, the quality of space on offer, which has leading certifications and technology from WELL, BREEAM and Smart Spaces, and the compelling location of the asset within the Paddington submarket.”
Ciaran Butler, Director of Investment Management Invesco Real Estate said:
“This new lease to an occupier of St. James’s Place’s calibre is another important step in the realisation of Fifty Paddington as the outstanding office scheme in Paddington. The recent opening of the Elizabeth line has further enhanced the appeal of this particular submarket and we are seeing strong interest in the remaining available space from a diverse range of occupiers.”
Peter Alford, Director, Corporate Real Estate, St. James’s Place Wealth Management plc said:
“We look forward to welcoming colleagues to this new space at Fifty Paddington, who will benefit from great transport links across London and to our existing network of offices in the UK and overseas, particularly our head office in Cirencester. It is an exciting opportunity for the business to create a space that complements our refreshed brand and supports our long-term goals.”
Colliers, CBRE and Ashurst acted for Invesco and YardNine; Knight Frank and Burgess Salmon acted for St James’s Place.