Hines has instructed Cushman & Wakefield and Colliers International as joint office leasing agents for its Grainhouse office and retail scheme in Covent Garden, WC2.
The 91,000 sq ft scheme, on Drury Lane, was acquired off-market by the Hines European Value Fund 2 in March 2020.
Hines subsequently agreed to a 15-year prelet on 36,000 sq ft across three floors of the five-level building, which will become the new headquarters for its UK and European teams, both currently based at 5 Welbeck Street, W1.
There is 32,000 sq ft of remaining office space to lease across two floors at the former Victorian seed warehouse. The building has planning consent to combine four interlinked period buildings into one consolidated modern office environment, with street-level restaurant and retail amenities.
The scheme has been designed by architect Barr Gazetas. Works are expected to complete in spring 2023.
Shelley Sandzer has been instructed as leasing agent for 23,000 sq ft of leisure and retail space at the property.
Raj Rajput, managing director for asset management at Hines, said: “We have a huge opportunity and responsibility to reshape, reinvent and breathe new life into a heritage building and transform it into a contemporary, future proofed workplace in the heart of London.”
James Campbell of Cushman & Wakefield said: “Occupiers love authentic buildings with outstanding amenities and Grainhouse squarely meets these criteria. We firmly believe that the best buildings in the best locations will continue to outperform.”
Tom Tregoning of Colliers International said: “The compelling offer of contemporary workspace, in a reconfigured heritage building in such a tremendous location will attract strong interest from the occupier market.”
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