12-18 Theobalds Road, London WC1
Design-led flexible office provider The Boutique Workplace Company, in what is believed to be the first deal of this nature, to acquire over 16,000 sq.ft. of office space through both a joint venture management agreement and traditional lease.
The Boutique Workplace Company has agreed to occupy 11,500 sq.ft. of office space at the front of 12-18 Theobalds Road in London’s Midtown through a joint venture management agreement with a private property owner.
The remaining 4,000 sq.ft. to the rear of the property was secured for The Boutique Workplace Company under a separate traditional lease agreement with the same property owner. This office space directly connects to The Boutique Workplace’s property at 2 John Street, which Will Kinnear also acquired on their behalf in 2014.
The period property fits in perfectly with Boutique’s design ethos, with the owners planning to refurbish the front section in line with The Boutique Workplace Company’s specifications. Located near Chancery Lane, Holborn and Farringdon stations the building is situated in an area that is experiencing strong growth in flexible workspace offerings with major occupiers moving into the area demanding high quality space as a service platforms.
The deal is further evidence of the strength of the UK’s flexible workspace market. London alone saw 5.1 million sq. ft. leased as flexible workspace in the third quarter of 2018, accounting for over 20% of commercial space leased to office providers in the capital.
The Boutique Workplace Company CEO, Daniel Wheble, commented: “These acquisitions are part of our group’s continued expansion in the flexible workspace market and takes the number of workplaces in the capital to 33, equalling a footprint of 260,000 square feet over 4,500 desks”