Nova buildings in Victoria
Land Securities premises at Nova, Victoria (The Nova South plot) have been taken over by London Executive Offices (LEO). They have acquired the offices from Land Securities, with a lease length of 17 years which brings their office space portfolio to a total of 745,000 sq. ft. This means that 40% of Nova South is now being let.
Land Securities & LEO both were represented in-house. Knight Frank and Cushman & Wakefield were Land Securities retained agents.
The Nova Scheme
Nova is situated opposite London Victoria station on a site of 5.5 acres. The Nova development comprises both Nova South and Nova North, promising to offer 480,000 sq. ft. of office space.
Land Securities secured its first office pre-let at the Nova development in July 2015; 25,000 sq. ft. of the space was secured by Advent International, a private equity investment company, which took up the space on a lease of 15 years.
Land Securities Head of Commercial, Kaela Fenn-Smith, has talked about how exciting the partnership is. She said they are thrilled that LEO will be using their space to create a host of new spaces which other office users can benefit from. A number of industries currently make use of the space including media, private equity and recruitment. All of this will help Nova to appeal to other companies searching for serviced office space in this part of London.
LEO themselves have been operational as a serviced office provider throughout London for over 20 years. They have recently taken on a number of big freehold developments throughout West End and the City, which is helping them build a reputation of being a big player in the world of flexible office space.
Flexible office locations are becoming more popular throughout major cities like London, as people aim to change the way they work. People are much more open to remote working and flexible ways of approaching business, which is helping places such as Nova gain popularity. With the demand for flexible office space increasing, it is no surprise that companies such as LEO are looking to invest in more and more office space options throughout the capital.