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Oxford and Brockton’s west end development The Post Building to house nationwide’s new digital and technology innovation centre

Nationwide brings The Post Building’s office space to full occupancy

August 1, 2019

LONDON

The joint venture between Oxford Properties Group ("Oxford"), a leading global investor, developer and manager of commercial real estate, and Brockton Capital ("Brockton") has secured its third and final major office pre-let with Nationwide committing to take 91,000 sq ft at The Post Building. Nationwide, the world’s largest building society, will be opening a new digital and technology innovation centre at The Post Building, in London, where it is actively recruiting around 750 roles across digital and technology over the coming months.

The latest letting brings the office element of The Post Building, which is located equidistant from Tottenham Court Road (Elizabeth line) and Holborn stations, to full occupancy ahead of its opening later this summer.   Nationwide has signed a long-term lease and will occupy Levels 1-4 with ceiling heights of up to 5.5 metres, one-acre floorplates, and an abundance of natural light.

Nationwide will join the UK’s largest specialist annuity provider Rothesay Life which has pre-let 49,000 sq ft and global consultancy firm McKinsey & Company which will occupy 127,000 sq ft at The Post Building as their new London headquarters. 1Rebel, the boutique fitness operator, has also taken 9,000 sq ft across the ground and mezzanine floors.

The Post Building is Oxford and Brockton’s AHMM-designed 320,000 sq ft mixed-use redevelopment of a former Royal Mail sorting office. Comprising over 260,000 sq ft of offices, the building is set to become one of London’s most inspiring workplaces. Occupiers will benefit from a 7,500 sq ft rooftop garden with 360-degree views; market-leading cycle provision designed in collaboration with Rapha, including 438 cycle spaces along with first class facilities – lockers, showers and a cycle workshop; and an impressive 6 metre high, 5,500 sq ft entrance lobby – all combined with the latest in world-class smart building technology, design and sustainability.

Located on a prominent island block bounded by Museum Street, New Oxford Street and High Holborn, The Post Building sits at the cultural crossroads of five key London neighbourhoods - Covent Garden, Bloomsbury, Soho, Holborn and Fitzrovia. Both Tottenham Court Road and Holborn underground stations are located within a few minutes’ walk, ensuring excellent connectivity throughout London and beyond. Tottenham Court Road will be the only station in London where Crossrail 1 and the proposed future Crossrail 2 will inter-connect.

At street level, around 30,000 sq ft of high quality, flexible retail space will provide flagship units starting at 600 sq ft and up to 1,400 sq ft, or potentially up to 14,000 sq ft to accommodate independent businesses, retailers, restaurants, coffee shops alongside showroom and wellbeing space. The 443 feet of prominent, double-height building frontage exemplifies the design and quality of the redevelopment, which has been carefully delivered and curated to reflect the culture of the surrounding neighbourhood and to maximise the building’s industrial features.

Joe Garner, CEO of Nationwide Building Society, said: “The way our members are engaging with us is continually changing, and we recognise the importance of investing in the skills and capabilities needed to continue to meet our members’ needs today and in the future. We now have over four million digitally active members, and that number is growing all the time as each week and month passes.

“The increase in technology investment we announced last September will enable us to continue to innovate and provide members with the best service, whether that be in branch or digitally, as evidenced by our recent Which? award for the best banking brand in the UK for the third year running and by our first place position for service amongst our peer group1.

“We are excited to be returning to our roots in Holborn, where we were once headquartered back in 1894. All of our market analysis demonstrated the new location is the best place to attract industry-leading talent within the FinTech capital of the world. We are also purchasing a new site in Swindon which is also an important part of our future, as we continue to help the local community to grow. With growing demand for our services, this is about recruiting skills and experience into Nationwide, alongside developing talent from within our current workforce, so that we have the broad range of skills needed to deliver the Society’s digital and data transformation strategy.”

Henry Shearer, Head of UK, Oxford Properties, said: “The letting to Nationwide completes the leasing of the office element of The Post Building, which has been purposefully designed to promote creative thinking and will help to support the Society’s ongoing service and technology transformation. We’re pleased to welcome Nationwide, alongside McKinsey and Rothesay Life, to what is one of our most exciting projects, right in the heart of one of London’s most vibrant areas which is benefitting from large scale investment, including the Elizabeth Line. The quality of firms that have been attracted to The Post Building demonstrate we are delivering on our goal to create one of London’s most forward-thinking workplaces.”

Alex Wright, Managing Director, Brockton Capital LLP, said: “We’re delighted that Nationwide has chosen The Post Building as its new home. It is testament to The Post Building’s unique combination of features – unparalleled scale and volume, flexible design and well-connected location – which all come together to create an exceptional working environment in the cultural epicentre of London.”

Nationwide was advised by CBRE and Addleshaw Goddard. Oxford and Brockton’s joint leasing agents are JLL, CBRE and Pilcher Hershman, with CMS Cameron McKenna Nabarro Olswang advising on legal. CBRE and Davis Coffer Lyons are joint leasing agents for the retail and restaurant space.