SHAFTESBURY COMPLETES UK ’S FIRST DIGITAL COMMERCIAL LEASES IN PARTNERSHIP WITH PROPTECH START UP, LEAST

Shaftesbury has completed the first two digital end to end commercial leasing deals in the UK, utilising software from innovative proptech start up, Least. Both deals related to office space in Carnaby. The first on Broadwick Street, took only six days, with the second at 45 Carnaby Street, following shortly after in just fifteen days.

The last year brought a lot of change to the property market: mass adoption of technology, an explosion of fitted office spaces, the emergence of short form flexible lea ses and, importantly, widespread legal support for the digital signing of leases. Shaftesbury used Least’s new technology, which embraces the changes in the market to deliver the first digital leasing experience for commercial property deals.

Shaftesbury’s early adoption of the Least software in these deals has set a new standard for commercial leasing, saving both time and void cost s, while also providing a simplified user friendly process for all parties. Least can be used to negotiate the Heads of Terms on any office space, with the decision to use the platform made by Shaftesbury in conjunction with the occupier.

Isabel Thomas, Head of Offices at Shaftesbury, commented: “Shaftesbury is committed to innovation and supporting its tenants, so we are delighted to be a pioneer in adopting Least as another tool to help simplify relationships and break down barriers We can see the real value the software adds to the leasing process, allowing Shaftesbury to provide occupiers with a simple, user friendly experience. The speed with which Least allows deals to be completed is also a major benefit in the current market as it adds a real sense of certainty for all parties involved."

The platform is supported by knowledgeable investors and an advisory group t hat represent some of London's most innovative landlords. It is not just landlords and their occupiers that benefit from using Least; agents have greater oversight of their instructions and can quickly move deals to completion.

Leon Ballard, Co Founder of Least, added: “For anyone who knows the market, this is a problem that needed fixing. We are excited to deliver a better way to get deals negotiated and signed quickly. It took less than a week to complete the first deal on Least and the second deal fol lowed in quick succession. Shaftesbury’s early adoption of the technology is market leading, and w e look forward to working with them to speed up their leasing, minimise voids and improve the experience of their occupiers."

David Seddon, Partner of Bryde ll Partners the new tenant at 45 Carnaby Street said: “The leasing process for our new space was a breath of fresh air. As both a tenant on this deal and a property investor by profession, we know intimately the challenges of closing leases. We wanted to be part of Carnaby and Least enabled Shaftesbury to make us an offer within minutes of our expressing interest. We got on, signed and can now focus on our core business in our new home."

Shaftesbury’s piloting of Least as an industry first foll ows the launch of its new workspace concept, branded Assemble in its prominent office locations in Seven Dials and Carnaby. Created in response to the evolving market and occupier requirements, Assemble offers occupiers a selection of pre designed interi or schemes, with each village having its own choice of three distinctive styles and bespoke colour palettes, inspired by the respective local area. 

ENDS

About Shaftesbury

Shaftesbury owns and manages a 16 acre property portfolio in the liveliest parts of London's West End. The portfolio comprises of restaurants, cafes, pubs and shops, extending to apartments and offices in the highly popular, sought after and prosperous locations of Carnaby, Seven Dials and Chinatown, together with substantial ownership s in East and West Covent Garden, Soho and Fitzrovia. 

All our properties are close to the main West End Underground stations, and within ten minutes ’walk of the two West End transport hubs for the Elizabeth Line, at Tottenham Court Road and Bond Street.

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