What was The Buzz in April?
Our monthly roundup of real estate industry news.
Here are a few of the stories that caught our attention in April. From new flexible workspaces and office-to-residential conversions in the City, to the first Universal-branded theme park and resort destination in Europe, there’s no sign of slowing down in the commercial real estate industry.
JV partners get green light for City of London office-to-residential conversion
The City of London has approved plans for an office-to-residential conversion scheme which will deliver 277 co-living homes in Aldgate. Developed by HUB and Bridges Fund Management, the Assemblies scheme at 150 Minories, which was approved under delegated powers, will also provide shared amenity spaces on the ground floor for both residents and the wider public which include a pocket park, health hub, co-working space and café.
Architect Morris + Co has designed the scheme, which will also see the existing building repurposed with a rooftop and rear extension. Others working on the plans include QS Circle, landscape architect Macgregor Smith and structural engineer London Structures Lab.
SE and Greater London office take-up hit highest level for 17 years in Q1 2025
The South East and Greater London office market recorded 909,000 sq ft of take-up in the first quarter of 2025 according to Savills.
This is up 38% on the same period last year and 26% on the five-year average. Q1 2025 also saw more activity from larger occupiers, with 16 deals over 20,000 sq compared to just six such deals in Q1 2024. This includes the Global Combat Air Programme (GCAP), an aerospace initiative from the UK, Japan and Italy, which took 155,000 sq ft across two properties in Reading. Four fifths of take-up went to Grade A office space.
Robert Pearson, director in the UK tenant representation team at Savills, added: “Momentum in the South East office market continues to build, particularly among larger occupiers seeking high-quality, well-connected space. The return of transactions over 20,000 sq ft at pace reflects renewed business confidence and long-term strategic planning.”
“Despite broader economic headwinds, demand for best-in-class space remains resilient driven by talent attraction, ESG requirements and the desire to create workplaces that support both productivity and culture. In today’s market, early engagement and clarity of brief are key to securing the right space in a supply-constrained environment.”
Knight Frank relocates to new city 72,400 sq ft global HQ
The site of the former Kempston Hardwick brickworks will be transformed during a five-year construction programme with the new theme park due to open in 2031 and 8.5m visitors expected in its first year.
Prime Minister Keir Starmer said: “We closed the deal on a multi-billion-pound investment that will see Bedford home to one of the biggest entertainment parks in Europe, firmly putting the county on the global stage.
“This is our Plan for Change in action, combining local and national growth with creating around 28,000 new jobs across sectors such as construction, AI, and tourism.”
The development, working with Bedford Borough Council, will be the first Universal-branded theme park and resort destination in Europe and will be part of a larger 476-acre entertainment resort complex.
Proposed plans include a world-class theme park with several themed lands featuring Universal’s distinct brand of immersive storytelling, thrilling rides, innovative attractions and exciting entertainment, all utilising sophisticated and advanced technology. Initial resort plans also feature a 500-room hotel and a retail, dining and entertainment complex.
Mike Cavanagh, President of Universal parent company Comcast Corporation, said: “We could not be more excited to take this very important step in our plan to create and deliver an incredible Universal theme park and resort in the heart of the United Kingdom, which complements our growing US-based parks business by expanding our global footprint to Europe.”
Huckletree agrees management agreement with M&G on 50,000 sq ft flex space in the City
Building on the momentum of its 35,000 sq ft launch at 8 Bishopsgate in November, the deal sees the brand stepping into a pivotal chapter – cementing its place as a serious player in landlord-partnered workspace and joining forces with premium real estate owners to deliver next-gen work environments in some of the city’s most iconic buildings.
Slated to open in August 2025, this milestone marks a strategic shift for Huckletree as the brand moves beyond its roots in open flex floor plates into the realm of managed, self-contained floors. Tailored for teams looking to graduate from the signature startup phase, the new model delivers greater autonomy and focus – without sacrificing the culture, creativity and connection that has always defined the Huckletree experience.
The site will span several floors of the building, featuring boutique private offices for 20, all the way up to full suites for 200 – each coming with access to elevated communal zones. Alongside Huckletree’s classic offering of meeting rooms, breakout areas, phone booths and a central dining space, members will also get to enjoy the building’s wider amenities. Think: a fully-kitted out fitness studio, wellness suite, 30-person cinema, plus three on-site restaurants and five independent retailers for a lunchtime wander.
“Collaborating with M&G at 40 Leadenhall is a defining moment for Huckletree,” says Gabriela Hersham, CEO and Founder of Huckletree. “[This collaboration] allows us to bring our unique approach to workspace innovation into one of the most exciting new schemes in London, in close alignment with one of the industry’s most forward-thinking real estate investors. We look forward to working with M&G as we continue to scale through management agreements in world-class buildings.”
