Landlord turns to training to fill half-empty office block

The owner of a 70,000 sq ft office block in the Square Mile is hoping to target tenants engaged in education and training, having struggled to fill the building after the Covid-19 pandemic. 5 Old Bailey, EC4, sits on a corner plot at the junction of Old Bailey and Ludgate Hill, and across the road from Landsec’s New Ludgate scheme. It has five upper floors of office space above a ground floor that includes retail space and an All Bar One pub. Half of the building is vacant. Owner A&A Properties has lodged a change of use request with the City of London Corporation that would allow it to market the office space to education providers while continuing to market it as traditional office space. Since 2020, agents have arranged close to 70 viewings for space in the building, according to planning documents. Tenants to view the space include London Metro University, planning practice Dalton Warner Davis and serviced office operator Regus. “Over time, various floors or areas of the building have been vacated and, despite active marketing efforts, reletting has not been achieved, with the development becoming increasingly vacant as further leases came to a close,” said consultancy TTSP in documents submitted to support the application. “The education use proposed is for professional training, which is considered compatible and exists harmoniously with office use currently in numerous locations within the City and throughout London.” TTSP added that targeting traditional and educational tenants would mean the occupier base “could flex over time dependant on market needs”. To send feedback, e-mail tim.burke@eg.co.uk or tweet @_tim_burke or @EGPropertyNews