Sainsbury’s has shelved plans to relocate to King’s Cross after it could not find a taker for its current Holborn location.
The move would have almost halved Sainsbury’s annual rent costs (currently about £16 million) but it could not find a sub-tenant to take on it’s existing 33 Holborn office.
As a result Argent, the developers of the £2bn King’s Cross scheme will re-market the site where Sainbury’s new 250,000 sq ft office was supposed to be located.
A spokesperson for the supermarket chain said ‘’Sainsbury’s has not abandoned its plans to move to King’s Cross and we are continuing our discussions with Argent. It is still Sainsbury’s intention to move from Holborn but this depends on finding suitable tenants for our offices. In the meantime we have agreed with Argent that they can market the unit to other potential occupiers.”