UK property developers British Land have bought their first office building to specifically home their flexible workspace brand Storey.
Last year, the company launched Storey – aiming to provide flexible workspace for growing businesses and larger companies looking for flexible options. Up until now, Spaces has operated out of British Land’s existing London assets. Mainly at its Broadgate, Paddington Central and Regent’s Place locations. However, this week the FTSE 100 company purchased a large office building in Haggerston to solely house Storey.
6 Osman Road, just north of Hoxton and Shoreditch, is a 41,000 square foot building along Regents Canal. The six-storey building was designed by Waugh Thistleton Architects from wood and steel.
It joins a growing hub of creative companies in the East London area. Storey’s co-lead James Lowery, said: “There are a number of growing creative companies in the [Haggerston] area who are looking for good quality flexible workspace but at a more accessible price than nearby Shoreditch and Hoxton”.
The building cost £32 million and the deal is expected to be complete by March 2019. British Land bought the building from Newmark Properties who themselves purchased the space last year. The building itself was developed by Boultbee Brooks.
British Land is intent on purchasing more space like this for Storey’s operations, with Lowery commenting that they had eyed “an additional 186,000 square feet of space” and “will continue to assess future opportunities”.
British Land continues to buy up commercial property across London. They are currently poised to buy a Grade II listed building close to their Broadgate Campus for £37.5 million, as well as large developments in Liverpool Street, Paddington and Euston.