North West serviced office provider invests to grow portfolio

Date: 10-07-2019

Tagged as: North WestPropertyLoans and FinanceGrowthSME

Serviced office provider W_RKSPACE has continued to grow its portfolio of flexible commercial spaces with the acquisition of its fourth property, with support from a six-figure funding package from Lloyds Bank.

W_RKSPACE already owns three serviced office blocks in Preston and has now made its first move into Bolton with a deal to buy Hamill House.

The new property is already approaching full occupancy and is expected to boost W_RKSPACE’s turnover by 25 per cent.

Hamill House includes 25 modern offices with suites accommodating start-ups and SMEs of up to 20 employees.

Building a brand

Founded two years ago, W_RKSPACE is set to further expand its portfolio of flexible work spaces in the region and is seeking additional investment opportunities in Lancashire and Greater Manchester.

Its portfolio in Preston includes The Watermark, The Old Docks House and Preston Enterprise Centre.

“Lloyds Bank has supported us since the beginning and we have an excellent long-term relationship with the team there.”

Rizwan Seth, managing director, W_RKSPACE

W_RKSPACE

Rizwan added: “Hamill House is already a well-established serviced office in the heart of Bolton’s professional district.

“With 95 per cent occupancy, it presents an ideal growth opportunity for our brand.
“We’re looking to continue building the W_RKSPACE portfolio by adding another two or three centres in Lancashire and Greater Manchester, which we’ll do in a sustainable way with the right fit for the group.”

“This latest acquisition is a great move for W_RKSPACE and the group’s growth reflects the growing popularity of serviced offices, which offer tenants a great deal of flexibility.”

Jonathon Townsend, relationship manager, Lloyds Bank Commercial Banking

Investing for growth

Jonathon added: “We’ve pledged to lend up to £1.3 billion to North West firms like W_RKSPACE in 2019 to help them make key investments for growth, such as carrying out acquisitions.

“It’s just one part of our commitment to helping Britain prosper.”

All lending is subject to status.

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