Electronics retailer Currys has surrendered the lease of its 150,000-square-foot headquarters in a London portfolio rationalisation launched during the pandemic.
The move is being hailed as a major win for the group, its landlord and the site of its former headquarters.
Frost Meadowcroft, which advised Currys, said the work began with the group rolling out a flexible working policy for 1,500 employees during lockdown. Currys has subsequently reported increased productivity, improved employee satisfaction and significant cost efficiencies.
As part of this, the group made the decision to downsize from its 150,000-square-foot headquarters at 1 Portal Way in Acton, and relocate to space at WeWork Waterloo.
Frost Meadowcroft was appointed to advise on options for the Acton building. Following detailed negotiations, Currys has concluded a lease surrender with the landlord, Imperial College London. Savills acted on behalf of Imperial.
Currys, which was formed in 2014 by the merger of Dixons Retail and Carphone Warehouse Group, announced in 2022 that it was relocating, freeing up the Acton site for a major mixed-use development being pursued by landlord Imperial College and development manager Frame.
At the time, the duo had not decided whether to commit to the project and had considered selling the site.
WeWork signed Currys for around 400 workstations at 10 York Road in Waterloo. The move was one of the first times a major company had shut its headquarters and switched entirely to a flexible office provider.
WeWork said that as part of the new model, Currys would equip its 1,000-plus corporate workforce with All Access passes, allowing them to visit more than 50 UK WeWork locations. To support regional hubs, Currys also refurbished a number of spaces in its own stores across the UK to provide flexible workspaces for staff.
The site is located between North Acton station and the Acton Elizabeth Line station and forms part of the Old Oak and Park Royal Development Corporation, the mayoral development corporation set up to oversee a massive regeneration in west London. It is one of the largest and most centrally located sites in North Acton but was inaccessible to the public as the headquarters for Currys.
Imperial College London, a university focused on science, engineering, medicine and business, bought One Portal Way in 2016 from Crosstree Real Estate Partners for around £85 million. The site had a existing planning consent for around 764 homes, but Imperial worked up new development proposals.
The two-storey building was fully let to Carphone Warehouse until 2030 at a rent of £4,170,457 a year, (£27.50 per square foot).
Imperial College London has recently announced a partnership with Sciopolis at the site, which will see 55,000 square feet of the former headquarters repurposed into a hub for early-stage science and technology ventures. The redevelopment also proposes affordable laboratories and offices.
Frost Meadowcroft said: "The outcome represents a positive result for all parties – Currys plc realigning its space requirements for a hybrid future, Imperial College advancing its innovation strategy, and West London gaining a new science and technology ecosystem."