roperty giant Landsec is investing in an “emerging office location”, outlining a plan for a new workspace with views of the Oval cricket ground.
The company said it has conditionally exchanged contracts to forward purchase Oval Works, a 76,800 square feet office scheme.
Some property agents estimate it could be valued at as much as £100 million once construction and leasing is complete.
It marks another location in the capital that Landsec is investing in, despite plenty of wider debate around how occupier demand will look post-pandemic following the popularity of working from home in many cases.
FTSE 100 firm Berkeley is creating 1300 homes at a development called Oval Village where the new office will sit.
Oval Works, located close to Oval and Vauxhall stations, will comprise seven floors and have space for around 750 employees.
Landsec’s Oliver Knight said the company thinks the site is “very well connected” with good transport links and will “appeal to a wide range of occupiers”. Being in a more residential area, it could be attractive to people wanting to work more locally.
Marcus Geddes, managing director of London at Landsec, added: “We want to create sustainable places that boost economic activity and foster wellbeing, knitting our office developments into the fabric of the city. Oval Works is an ideal opportunity to deliver on this ambition, creating a working hub in an emerging office location within central London.”
Elsewhere in the sector, investor Regional Reit has bought a portfolio of 31 multi-let office assets in a £236 million deal.
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