65 Kingsway, in London’s West End, is the new home of fitness facility Arena 8 – backed by private backers and financiers. Arena 8 is taking c5,750 sq ft of basement space, and joins independent, artisan coffee brand SOHO Coffee Co. who moved into the ground floor last year.
The 9,000 sq ft site is located on the western side of Kingsway, and is within walking distance of both Holborn and Covent Garden underground stations. Traditionally a heavily dominated office market, in recent times the area has become synonymous with food and leisure retailers including Paul, Leon, Bills and Café Rouge.
Lambert Smith Hampton (LSH) has advised the landlord, A&A Investments, regarding the building’s change of use from ground floor offices and basement storage into a mix of A1 shops, A3 restaurants/cafes and D2 assembly leisure space. In addition, LSH has doubled the rental profile at ground floor level to c£100/sq ft and created a new income stream across the basement achieving £45/sq ft.
This follows other recent successful deals for LSH’s retail team, including Wingstop - a billion dollar a year US chicken wing franchise - moving into 138 Shaftesbury Avenue as its flagship UK home.
Alex Lowry, Director – Retail, Restaurants & Leisure, at Lambert Smith Hampton commented:
“Through active asset management of 65 Kingsway, including an overhaul of the leisure and retail offering, the landlord is set to benefit from an additional half a million pounds of retail and leisure income a year. Arena 8 will add to the on-site facilities and become a magnet for new footfall and existing occupiers, while SOHO Coffee Co. continues to go from strength to strength with this its largest London store.”