More new offices for Brixton

The Shakespeare Business Centre off Coldharbour Lane at the Loughborough Junction end is to be restored and rebranded as “Coldharbour Works”.

Despite concerns that the demand for office space might be hit by the pandemic and increasing use of homeworking and video conferencing, investors in the new scheme are confident, saying there is increasing demand but little supply of office space in the Brixton area.

Newmark Properties and RBE Investments will borrow £11.2m from Investec to finance the scheme.

“Brixton has already established itself as a popular and attractive area for business start-ups, while the COVID-19 pandemic has led to more businesses considering innovative office space outside traditional office locations, eliminating the need for workers to take public transport,” said Stephen Martin of Investec.

“Despite tough market conditions, the rebranding and first phase of works have led to new occupiers taking units and existing tenants renewing licenses,” said Greg Cohen, a partner at Newmark Properties.

The project will see the property renovated, using redundant space to create new and expanded creative workspace.

The new owners said vacant units will be refurbished, restored and updated and common areas will be “invigorated with new life to create a real sense of community amongst its existing commercial residents as well as an attractive new leasing opportunity”.

The existing building has 45,000 square feet of office space in units of various sizes as well as studio, workshop and shared office space and meeting rooms. All overlook the internal courtyard.

Stephen Martin said: “Coldharbour Works is an exciting project with great potential to reposition a promising asset in an inner London area where there is little supply and increasing demand.

“Brixton has already established itself as a popular and attractive area for business start-ups, while the COVID-19 pandemic has led to more businesses considering innovative office space outside traditional office locations, eliminating the need for workers to take public transport.

Greg Cohen said: “Coldharbour Works provides flexible workspace for a variety of uses and will support an already growing creative community in the surrounding area.

“Despite tough market conditions, the rebranding and first phase of works have led to new occupiers taking units and existing tenants renewing licenses.”

Blue Star House in central Brixton was purchased for refurbished office space earlier this year and the controversial plans for a 19-storey tower on Pope’s Road would add significant office space in the area.

There are also plans for other major developments in Loughborough Junction.