RE Capital Secures Lease for 18,644 sq ft Central London Office with Iconic Automotive Brand

RE Capital, a leading property company known for repurposing real estate in Europe’s cosmopolitan cities, has successfully agreed a lease with a high-profile automotive company for office space at The Ragged School, part of its Clerkenwell Lifestyle project. The world-renowned automotive brand, which is gaining recognition for its electric vehicles, will be relocating its headquarters to this prime central London location. 

The new central London office spans 18,644 square feet across eight floors and features cutting-edge interior design elements, including a lower ground courtyard area, a large, light-filled reception, integrated open-plan office space, generous staff meeting and breakout areas, and a garden roof terrace. The refurbishment places a strong emphasis on sustainability, with BREEAM Excellent certification and an EPC B rating, ensuring top-notch ESG credentials. The historic Ragged School building, originally constructed during the Victorian era, retains much of its original charm while incorporating modern sustainability features. 

RE Capital acquired the site on Vine Hill Street in 2017 and has been transforming it into a mixed-use development, including a 153-bedroom affordable luxury hotel pre-let to Ruby Hotels, nine residential units, and the refurbished office space. This office scheme represents a significant repurposing and two-storey extension of the former school, bringing the total development to 74,000 square feet. 

The Clerkenwell Lifestyle project is expected to be completed by the end of the year and is just one of several design-led schemes RE Capital has in progress in London. The company recently completed its Goat Yard scheme in Southwark, with the first tenant, technology company WithSecure, occupying 10,675 square feet. Progress also continues on the Camden Lifestyle project, another mixed-use hotel-office scheme connected to Camden Town’s iconic Koko nightclub, while the Greycoat Stores project—being developed on behalf of LaSalle Investment Management—is due for completion in Q1 2024.

RE Capital’s Senior Asset Manager, Luke Dhanoa, commented on the importance of this letting: “This signing is a prime example of how businesses still want to occupy quality buildings with personality, heritage, and genuine sustainability. We often hear that offices are in crisis, but it’s our conviction that great real estate attracts great tenants. And the central London office market remains deeply attractive for us because we know that when we lean into the history and character of our buildings, tenants respond to it.” 

Newman Leech, CEO of RE Capital, highlighted the significance of this lease for the company’s strategy: “Central London remains one of the world’s most attractive places to be and to be seen for a huge range of firms, as demonstrated by the decision of such an iconic brand to take space in the heart of the city. For that very reason, central London offices will remain a core part of our UK strategy – alongside build-to-rent and purpose-built student accommodation – as we continue to seek new opportunities to make our mark and create places that people want to work.” 

RE Capital, Clerkenwell Lifestyle project, central London office, lease, iconic automotive brand, sustainability, Ragged School, repurposed real estate, Luke Dhanoa, Newman Leech.

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