Opportunity: Occupation, Investment
Type: Office, Commercial
Sectors: Finance and professional, Business services, Creative, Digital, Technology, HQ
Watford’s premier location for European and national headquarter and regional offices, Clarendon Road connects Watford Junction to Watford town centre, so offers dual benefit of proximity to a major transport hub with short travel times to London and beyond, and amenity provision which is high on the agenda of employees.
Redevelopment of several sites along the road is underway which will deliver new grade A office space along with active ground floor uses. Several comprehensive refurbishments of existing buildings have been successfully completed ensuring office stock continues to meet the high standards demanded by occupiers.
Watford Borough Council, in partnership with Hertfordshire County Council and Hertfordshire LEP has invested c. £10m on an enhancement scheme on Clarendon Road.
The vision to widen pavements and narrow the road to create a safe, pedestrian-friendly environment which supports cycling, walking and public amenity, transforming the street’s character from use as predominantly a traffic dominated road with ‘closed’ frontages to a greener, more open, multifunctional space was successfully completed in 2021.
TJX Europe’s new £93m European headquarters was also completed in 2021. Achieving BREEAM Excellent, the new building consolidates over 3,000+ employees resulting in the return of their previous office space back to the market.
Regal London is currently delivering a new £150m mixed use office-and-residential scheme, targeting BREEAM Outstanding, reflecting confidence in Clarendon Road’s fundamentals of transport, amenity, and catchment. This development is expected to complete in 2023/24.
“New development sites on the Clarendon Road have bolstered the supply pipeline, and when coupled with the significant regeneration underway within the town centre, the Watford market has strengthened its appeal to the occupier while presenting a positive rental growth story to the investor.”
The M25 Report, Knight Frank, May 2018