Kingfisher, the retailer behind B&Q and ScrewFix, is seeking a giant new London headquarters, a deal which would be a fillip for the commercial property market after the Brexit vote.
The company has appointed agents at Cushman & Wakefield to find the new 300,000 sq ft base, which could result in some consolidation of staff from Kingfisher’s existing office locations. It recently agreed to take an extra floor at its current headquarters in Paddington, west London.
The news will go some way to allay fears that businesses have put expansion plans on hold.
Kingfisher’s search is likely to take in the West End and the City, sources said, although it may result in the business deciding to stay put.
In August, Kingfisher beat market expectations by posting a 3pc rise in summer sales to £3bn in the three months to July 31. The retailer, which also owns DIY chains in France, Poland, Spain and Russia, is undergoing a major turnaround that involves shutting B&Q branches. Over the next five years it plans to boost profits by £500m a year through an £800m overhaul.
On Friday, the trade magazine
Property Week reported that the law firm Hogan Lovells had launched a search for a new 350,000 sq ft office in the City of London. The rival law firm Freshfields Bruckhaus Deringer is also looking for 300,000 sq ft and is understood to be eyeing TH Real Estate’s 60-70 St Mary Axe and Brookfield Property Partners’ 100 Bishopsgate, both of which are currently being developed.
Kingfisher declined to comment.