Office Space in Town’s EC3 development aims for a new hybrid, with elegant offices, luxurious serviced bedrooms, an in-house treatment room, and roof top terrace café with skyline views of London’s Tower Bridge.
In October 2015, Office Space in Town, one of the UK’s leading serviced office providers, together with Forum Partners, a global real estate and asset management firm announced the £21 million acquisition of 20 St Dunstan’s Hill, EC3.
Opened in November and situated on an island site adjacent to the Monument landmark, Office Space in Town embarked on an extensive refurbishment of the 10 storey building, with 60,000 sq ft of office space – further evidence of the UK’s commercial property and serviced office market’s exponential growth
Looking out to the Thames with views of HMS Belfast, Tower Bridge and the Shard, the maritime-themed serviced offices were designed in collaboration with Sam Kopsch Studio, with Peldon Rose responsible for delivering the office design and build project. Designed in consultation with iconic luxury yacht brand, Sunseeker, the building aims to give the feeling of being aboard an exclusive ocean-going yacht. The sleek, nautical interior is complete with a 10-metre white boat shaped reception desk, suspended propellers, and boat hulls and the distinctive seafaring look ontinues into the galley kitchens.
20 St Dunstan’s Hill also incorporates break-out spaces, galley-style kitchens, and designed to facilitate a new style of working – providing a beauty treatment room, five serviced bedrooms, and a rooftop terrace café/bar with views of the Shard, Tower Bridge, and HMS Belfast. The building already houses a number of tenants, including lifestyle businesses, boutique fragrance developers, specialist executive search firms, innovative think tanks, and leaders from the UK’s finance sector. Companies can rent a choice of 15 nautical-inspired meeting rooms that hold from 4 to 100 people as well as free meeting areas. IT provision includes 2 x 1 GB fibre lines as well as Cat6 cabling throughout and two secure comms rooms.
The property was the first acquisition of the second joint venture, between Office Space in Town and Forum Partners, which was launched in September. Over £30 million was committed by Forum Partners and Office Space in Town to this second joint venture and further funding was sought from blue-chip property and financial investors to raise the equity capacity to £100 million.
Office Space in Town already operates five other boutique serviced offices across prime London locations, including Euston Tower, Liverpool Street, St Pauls & Farringdon, Waterloo, and the company’s most recent serviced office in Mayfair, which opens in tandem with Monument and is inspired by the luxury of the Art Deco 1920s.
The UK’s serviced office market has experienced exponential growth – with a 67% increase in central London floor space between 2004 and 2014. In recent years this trend has been amplified in the Monument area with the City’s serviced office market growing by 10.2%, taking its’ share of London’s overall serviced office floor space to 20%. As pressure on the Capital’s commercial spaces only increases and rental prices rise accordingly, flexible office space solutions are helping to alleviate this squeeze on space in Monument, offering affordable luxury offices to even the smallest companies.
Average serviced office rates in the capital recently rose to levels not seen since the highs of 2008. Reports cite London as having the largest number of serviced offices globally, close to 10 per cent, with New York the next largest market.
At the time of the agreement. Giles Fuchs, Co-founder and CEO of Office Space in Town, commented, “20 St Dunstan’s Hill is a fantastic building in an excellent location in the heart of the City. It’s a perfect base for businesses of all sizes and once we have completed our refurbishment plans it will offer the most up-to-date, high-spec offices and facilities.
“We are still actively looking to acquire further buildings primarily in London’s zone one, which will complement our existing portfolio and we remain very optimistic about the prospects of the serviced office market in the UK and, in particular, in London given its strong growth and outstanding performance in recent years.”
Andrew Walker, Managing Partner and Co-founder of Forum Partners, also said, “We are delighted to be partnering with Office Space in Town on the acquisition of 20 St Dunstan’s Hill, one of the landmark buildings in the City surrounded by such rich heritage and history. It’s an excellent investment opportunity and we look forward to working with our partners to transform the building into one of the most contemporary and sophisticated serviced offices in London and realise its full investment potential.”
For more Relocate Global news and features about commercial and residential property, please visit our commercial property, residential property and serviced apartments sections