Oakwood Foresees Higher Temporary Housing Demand in London

Company Secures Master Lease on New 48-Unit London Property

Jun 02, 2011, 08:00 ET from Oakwood Worldwide

LONDON, June 2, 2011 /PRNewswire/ -- Anticipating rising demand for corporate housing in the United Kingdom this year, Oakwood Worldwide recently secured the master lease of a new 48-unit apartment building in Farringdon/Clerkenwell, City of London.  Oakwood Farringdon is one of the newest and most sought after serviced apartment developments to open in this highly desirable location, near London's financial district, The Square Mile and London's popular Theatreland, West End.  It's Oakwood's 24th property in London to offer furnished and serviced apartments for corporate housing and extended-stay rentals.

"With the economy improving, we are expecting to see employee relocations increase somewhat in Europe, particularly in London, causing higher demand for quality serviced apartments," said TJ Spencer, Vice President of Relocation and Managing Director, International, Oakwood Worldwide.  "This new property is part of our inventory strategy and it's proving to be a much needed resource as several corporations, including global banks, have already signed leases for relocating employees."

In fact, more employees have been relocating to Europe than other parts of the world, according to Atlas Van Lines' recently released 44th Annual Corporate Relocation Survey.  It reported that 41 percent of survey respondents said Europe was the most frequent destination for an employee transfer among international relocations in 2010.  In addition, 28 percent said they expect international relocation volumes to improve in 2011.

Offering a Few Extras

When employees accept short-term assignments, they're looking for a seamless transition into housing in a desirable location that includes everything they need to settle in quickly.  Oakwood Farringdon helps meet the unique needs of transferees – and then some.

"Oakwood Farringdon is pretty unique for executive housing in London," said Ian Merrick, Oakwood's General Manager - Europe, Middle East and Africa.  "Our penthouse executive apartments are air conditioned and come with large furnished terraces, which isn't typical of apartment buildings in London.  The rest of our apartments are spacious with modern furnishings, colorful artwork and energy-efficient appliances.  Tenants are thrilled with the convenience of quality grocery retailers onsite and a vibrant, exciting area with many trendy shops and restaurants just a short walk away.  This area is fast becoming the new Notting Hill of London."

The property, located at 2 Brewhouse Yard, St. John Street, London, also features:

  • Twenty-eight one-bedroom apartments, ranging in size from 48- to 59-square-meters, and 20 two-bedroom apartments, ranging in size from 60- to 90-square-meters – all fully serviced and furnished with fully integrated kitchen appliances, washer/dryer units, 32-inch plasma televisions and full-height windows.  Many of the units also come with their own balconies.
  • Concierge service provided 12 hours a day.
  • Custom-designed furniture and fittings.

Merrick also said Oakwood plans to support the local economy as much as possible.

"We really try to integrate with the local community by recommending to our tenants many of the local shops and services, including nearby fitness centers, dry cleaners and pubs," Merrick said.  "We also purchase many supplies from local businesses."

To reserve apartments, please call the Oakwood London office: +44 (0)20 7749 4471, or e-mail: oakwooduk@oakwood.com.

About Oakwood Worldwide

Oakwood Worldwide is the global leader and provider of furnished and serviced apartments. For one need or many, local or around the globe - Oakwood offers flexible, easy-to-use custom solutions to meet any temporary housing requirement.

A wide range of inventory and supplier management options allows Oakwood to provide the optimal housing solution whenever and wherever needed. With more than 3,000 Oakwood Associates worldwide, nearly 25,000 apartments, and more than 400 network partners, Oakwood delivers the service and reliability clients can trust.

Oakwood's worldwide staff of trained professionals, innovative technologies and unparalleled customer service have made Oakwood the premier choice in temporary housing solutions for more than 50 years.

To learn more about Oakwood, visit www.oakwood.com.

U.S. Media Contacts:
Judy Wohlt
Visible Ink for Oakwood

Kim Miranda

SOURCE Oakwood Worldwide