Regal Workspace, part of Regal, the privately owned mixed-use developer, has agreed a prelet of 63,527 square feet of offices to National Lottery operator Allwyn at The Clarendon Works in Watford, CoStar News can reveal.
The prelet equates to 45% of the entire floorspace at the building, which is due to open in the third quarter of 2024.
Taking the building to close to 80% prelet, Allwyn will occupy six floors of the Grade A speculative development. It is relocating from offices on Tolpits Lane in Watford, and plans to move into the space in the centre of the Hertfordshire town by the spring of 2025.
Allwyn said it is working on plans to offer more games, attract more players, create more winners and raise more money for National Lottery-funded projects.
It said the building will help it deliver on this as well as its commitments around social value and net zero. The building is 100% powered by renewable energy, certified by Ofgem’s Renewable Energy Guarantee of Origin scheme, and is targeting BREEAM Excellent and EPC A rating.
It has also been pre-certified under the WELL Standard, a global marker of buildings that promote health and wellbeing, and has achieved Active Score and WiredScore Platinum.
The deal follows one with global tech brand Seiko Epson Corporation in February this year, which took 30,530 square feet, as well as an agreement with YoooServ, the flexible offices provider, in November 2023. The latter will see YoooServ take 16,795 square feet on the ground and first floors for 15 years, providing flexible workspace with private offices, meeting rooms, breakout spaces and video call booths, in addition to in-house catering and event space. YoooServ will also manage the 13,767 square feet of amenity space and services in the building.
With completion expected in June 2024 and the first tenants to move in shortly after, 21% of the building – Regal’s first standalone office development – remains available. Earlier this year, the company launched its Regal Workspace brand, offering office construction, asset management and occupier engagement services on behalf of its partners.
Paul Eden, co-founder of Regal, said in a statement: “Allwyn’s desire to enable positive social impact through its business is one that thoroughly chimes with Regal, and we’re delighted that the team has chosen The Clarendon Works. With The Clarendon Works now merely a month from completion – and with two international brands confirmed soon to call it home and many more Watford-grown entrepreneurs and businesses having the opportunity to take flexible office space with YoooServ – we look forward to completing construction, opening the doors of the building to welcome its first generation of employees, and continuing Regal’s journey in the office development market.”
Allwyn CEO, Andria Vidler, said: “The National Lottery and Watford go hand in hand, so we're absolutely delighted to be relocating our home to a new site in the area. This marks our commitment not only to Watford and the wonderful community here, but to our ambition to create a net zero National Lottery with more modern, sustainable head office fit for our future plans.”
Bray Fox Smith and Lambert Smith Hampton are letting agents for The Clarendon Works. Cushman & Wakefield advised Allwyn.