Fulham Broadway and Wandsworth Sites Increase Group’s Total Office Portfolio to 14, with Four Operational
Flexible workspace operator Spacemade has taken its tally of UK offices to 14, partnering with CBRE Investment Management and a private investor to open two additional sites in Fulham and Wandsworth in West London.
Spacemade, which operates a 100,000 square feet of flexible office space across the UK, will repurpose the former JD Wetherspoons pub in SW6’s Fulham Broadway to create 10,000 square feet of flexible workspace, with room for 150 employees.
The space, formerly the Oyster Rooms, is part of the Fulham Broadway underground station redevelopment, which houses a mixture of retail and leisure businesses, including a Vue cinema and David Lloyd gym. According to CoStar data, the group has agreed a rent of £41.90 per square foot and signed a lease until December 2032.
It comes less than a year after Spacemade signed for 10 Brindleyplace in Birmingham with CBRE IM, taking over 25,000 square feet of the ground floor and the whole of the first floor at the site which has undergone a £40 million redevelopment.
Spacemade will also operate a 13,000 square foot of “neighbourhood workspace” in Wandsworth as part of the 1 Armoury Way development, close to Old York Road. The building has strong sustainability credentials and is rated energy performance certificate A and BREEAM Excellent. It will house 200 staff and is equipped with communal terraces, gym facilities, and “Zoom rooms”.
The Wandsworth deal was sealed with the same private investor that is working with Spacemade to operate a workspace at its Putney development in September 2022. The rental value and lease length has not been disclosed.
Spacemade says it now has seven operational sites across the UK, with five spaces set to open, including Riley Studios in Archway, North London, due in April 2023. It reflects the group’s wider aim to grow its inner city centre and suburban market properties.
Other Spacemade properties include the Neighbourhood Works (Hackney), the Clement Room (Strand), Park House (Leeds), the Loft (Queen’s Park), Common Ground (Wimbledon Village) and Backyard Co (Cricklewood).
Spacemade co-founder Dan Silverman said: “Occupiers want flexibility, less space but of the highest quality with a strong hospitality offer which is what we’re enabling landlords to provide. At Fulham Broadway and Wandsworth, we’re providing state of the art amenities and members will benefit from a growing network of popular and aspiring spaces across London and the UK. This connected portfolio offers the flexibility occupiers demand in a hybrid working world.”
Louisa Butters, head of UK retail asset management at CBRE Investment Management, on behalf of Fulham Broadway said: “These new development plans with Spacemade are part of a long-term strategy for the destination. We want to appeal to businesses looking for a new style of space with sustainable credentials and that has access to our unique retail and leisure offer, creating a hub for office workers.”
According to Spacemade, it has another 100,000 square feet of flexible office properties in the pipeline, which would double its portfolio. It has a target of opening 50 sites across the UK over the next three years.