Following a carefully planned and executed strategy for a network of regional business centres, Orega is now to open in central London.
The flexible office provider has entered into a 10-year management agreement for 20,000 sq ft at 16 High Holborn, WC1, giving it a presence in the capital for the first time when it opens on 1 October.
16 High Holborn is owned by patent attorney Beresford & Co which will continue to occupy the 5,000 sq ft third floor of the building. The management agreement is with Nine Court Ltd, the financial vehicle owned by Keith Beresford, and is worked off an equivalent rent of £28.50 per sq ft. The targeted net return to the landlord, under the management agreement, is £37 per sq ft.
Orega will operate the five-storey serviced office business centre and will manage the whole building on Nine Court’s behalf, including facilities management, cleaning and catering, telecommunications and front of house. The glass-fronted, air-conditioned building is prominently located close to the junction of High Holborn and Gray’s Inn Road, adjacent to Chancery Lane underground station.
Orega has been actively searching the London office market for suitable business centre sites since last November when it appointed property specialist Alex Peers of PPC to help drive its expansion into the capital.
“We’ve been scouring the City, West End and Midtown markets for well-located buildings with the right sort of floorplates for our first business centre in London,” says Zach Douglas, joint managing director of Orega. “We need as much natural light in as many of the offices as possible to give clients a bright and comfortable working environment. 16 High Holborn fit the bill and is in an area of high prospective demand from legal and financial occupiers to whom the flexibility of our offer is likely to appeal.”
“Having opened new business centres in Manchester, Birmingham and Gatwick last year, London was a natural next step for us,” he adds. “But we were not in a rush to move into the first available building. Our strategy is all about developing long-term partnerships with landlords on well-conceived projects that provide a return over a 10-year period and maintain consistently high standards. We will continue to look for further opportunities in London to build on our presence.”
Orega will now fit out 16 High Holborn to accommodate the high-quality and distinctive brand it has adopted at its seven other UK locations.
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