Moorfield Group, the UK real estate private equity fund manager, has secured two new tenants at Aurora, the fully refurbished and striking office building in Ealing, London. The building comprises 53,000 sq ft of Grade A, contemporary and design-led office space.
IWG, who own Regus, has signed a 15-year lease on 28,684 sq ft across ground, first and second floors for Spaces, their co-working offer. This will be the workspace provider’s twenty third Spaces business club in the UK and it’s fourth in West London.
Synchronoss, a global leader in secure, white label, mobile cloud, RCS messaging and digital solutions for Service Providers and TMT’s, has signed a ten-year lease for 7,473 sq ft on the third floor.
Mark Holmes, Head of Asset Management, Moorfield Group said: “Aurora is a best in class modern office building and we are pleased that with the arrival of the Spaces business club and Synchronoss it is now 70 per cent let. There is very little good quality office supply available in Ealing. We believe that we are offering a very attractive proposition to occupiers requiring Grade-A space in a well-connected location with great amenities on hand, and at prices that are more competitive than Hammersmith and Chiswick.”
Richard Zoers of Hanover Green said: “These two lettings, both in excess of £40 per sq ft, signal the start of Ealing’s growth potential as an office location, particularly with Crossrail due for completion next year. This will mean journey times to Paddington of seven minutes, eleven minutes to Bond Street and regular trains to Heathrow in just eighteen minutes, it really is the ‘Queen of the Suburbs’.”
“Spaces and Sychronoss have recognised the potential of this building and it is great that occupiers are experiencing the benefits of this location, after the residential, retail, hotel and investor markets have been so busy in Ealing over the last two years. With the current tight supply, we expect rents in the borough for Grade A accommodation to continue to move on.”
Aurora has five floors of Grade-A office space, with a large reception and atrium. It is named after the Roman goddess of dawn due to a lightwell that runs from the ground floor to the roof, flooding every floor with natural light. As well as the atrium space it has on-site parking for 77 vehicles, a roof terrace and shower facilities.
There is 13,510 sq ft remaining at Aurora – 3,661 sq ft on the third floor and just under 10,000 sq ft on the fourth, which also benefits from a roof terrace. Quoting rents are £45 per sq ft.
Aurora sits right at the epicentre of Ealing’s business district. Ealing is the well-connected West London borough currently undergoing a regeneration-driven renaissance. The local economy is attracting evermore upscale retailers, restaurants and businesses and hundreds of new homes are being built – across several different schemes – to cope with the surge in interest in the area.
Moorfield Real Estate Fund III (MREFIII) purchased Aurora from Threadneedle Investments for £22 million in December 2014.
The development managers are XLB Property.
The agents for the building are JLL and Hanover Green.