As reported by Paul Norman, Sainsbury’s has taken a 250,000 sq ft new headquarters building at Argent’s £2bn King’s Cross Central scheme.
In a deal set to be announced later today, Sainsbury’s is also understood to be bringing a supermarket to the 67-acre site. Sainsbury’s appointed Cushman & Wakefield last December to look at options for moving into cheaper premises than its circa 330,000 sq ft building at 33 Holborn where it pays a rent of around £55 per sq ft. Sainsbury’s is understood to be paying around £33 per sq ft at King’s Cross. Argent chief Roger Madelin is understood to have begun talks with Sainsbury’s at the beginning of this year.
Argent and partners London & Continental Railways and Exel last month appointed HBG to build the first 500,000 sq ft at the scheme which proposes 4.5m sq ft of offices, 1,946 flats, 500,000 sq ft of shops and other facilities.
The area, located at the heart of the site, will create a university campus for around 5,000 students for the University of the Arts London in the Grade II listed Granary and surrounding historic buildings. The rest of the Granary complex will be renovated to create flexible offices.
See Saturday’s Estates Gazette for the full story.