Buckingham Palace is to become the most prestigious office building in London, in order to recoup lost revenue to the monarchy due to the devastating effects of the pandemic on tourism.
Leading office property consultant O&A Property has revealed today that they have seen secret documents in which the Royal firm is exploring the option of carving up part of the palace to create a huge co-working space to hire out to executives at a premium rate. This would become the most prestigious office address in London.
The Royal Family has taken a huge hit to its income as a result of the decimation of the incoming tourist industry and, with a mass return to the office predicted for the UK workforce over the Summer, they believe that the demand for exclusive and elite office space will be unprecedented.
Peter Dudley, MD of OA Property Consultants, says: “Buckingham Palace is located in the centre of Westminster City – which is the most desired office location in London, if not the world, so we predict the demand for this space to completely outstrip the availability – whatever price tag they put on it. There is also plenty of outdoor space for office workers to use in breaks: St James and Green Park are on the doorstep. This is set to be the most prestigious office address in the world.”
Buckingham Palace serves as the official residence and administrative headquarters for the monarch of the United Kingdom. It has 775 rooms, of which 92 are currently offices for the Crown. It is thought that around 10 of the 19 beautiful state rooms are to be transformed to office space. They are usually open to the public as millions of international tourists make their way to London each year to see the palace, but they are standing empty at the moment, which is seen as a huge waste of money at a time when the monarch could use an injection of cash.
“There is so much prime real estate space here that could convert into office space,” continues Peter. “There is a staggering 77,000 square meters of floor space. The Royal Ballroom, for example is almost 40m long, 18m wide and 13.5m high – making it the largest room in the palace.
“There are also three wings which were added to the palace in the 19th century and these surround a courtyard, so that could make for a wonderful space for a whole company. The rumour-mill has been working overtime in London property circles and we have businesses lining up to rent office space in Buckingham Palace already.
“People have enjoyed working from home but they are ready to go back to the office now – even if it is just for part of the week. Productivity is starting to take a dive, and individuals’ stress levels are rocketing as working from home all the time becomes increasingly difficult with family distractions and lack of proper workspace and kit. We think there will be a steady return to the office throughout the summer.”
O&A believes that executives will be looking for increasingly luxurious office environments with a choice of amenities and facilities to keep workers happy to go back into London.
“Buckingham Palace has a tennis court, lake and even a helicopter landing in its garden” he says “so our wealthiest of business clients can fly people in for meetings, which is a huge advantage. Also there is a post office, swimming pool, cinema and even a health clinic in the palace, so it ticks many boxes for premium office space.”