Arch Company leases seven arches in the South Bank to event firm

One Night Records has agreed to lease seven interconnecting railway arches in the South Bank from Blackstone and Telereal Trillium’s Arch Company. The firm is to use the arches, which provide around 25,000 sq ft of space, to host a socially distanced immersive live music event called Lockdown Town running from 2 October to 30 December. The music will span 1950s rock’n’roll and journey through jazz, swing and Delta blues back to ragtime in 1918. One Night Records has a rolling contract with a first break after 12 months and six months’ notice for the space. But the business also has the opportunity to take a longer contract in the future if the venture is successful. It is expected that a new event will be launched in the 2021. The quote price for the space was £11 per sq ft and provides the Arch Company with a use for the arches located between midway between London Bridge and Southwark stations while they explore long-term uses for the site. Vincent Cheung, partner at Union Street Partners, which advised the Arch Company on the deal, said: “The deal was agreed during the tough times of lockdown. A creative approach allowed us to secure One Night Records as tenants who will provide an alternative, socially distanced, fun and exciting use for this space. “In such times, it is important for us to maintain utmost flexibility and creativity when looking at different asset classes be it offices, industrial, arches or F&B and leisure. We believe opportunities will be created which would otherwise have been overlooked.” To send feedback, e-mail louise.dransfield@egi.co.uk or tweet @DransfieldL or @estatesgazette Photos: One Night Records / Union Street Partners