New operator enters Midlands flex office market with seven-figure acquisition

A flexible workspace operator has bought a 25,481 sq ft office at East Midlands Airport.

M1 Agency along with joint agents Andrew & Ashwell completed the vacant possession disposal of Osprey House (formerly occupied by National Grid) on behalf of Custodian REIT.

Osprey House is a three-storey headquarters office building that was sold in a seven-figure deal.

Toby Wilson, surveyor at M1 Agency who managed the disposal, said: “The office market has had its challenges to navigate more recently as occupiers adjust to changing staff behaviours and increasing use of technology. We have seen heightened demand for very high quality space with enhanced amenities and flexibility at the core of all decisions.

“Osprey House boasted good existing specification, with strong connectivity to J24A M1 and the wider road network along with providing immediate asset management due to it’s VP nature. The purchaser will now enhance the offer and look to bring back to the market as flexible office space to let.”

Will Torr, partner at heb who acted for the purchaser, said: “We’re delighted to have acted for the flexible workspace provider, Wizu, who are a new entrant to the East Midlands market following their success in Leeds. The building offers high quality, modern floorplates in an exceptionally accessible location which is already home to various well notable occupiers. We wish them all the best as their fit out commences ahead of their launch.”

Alex Nix, fund manager at Custodian REIT added: “We are pleased to have disposed of Osprey House, a non-core asset for us, and we wish the purchaser the best of luck with the future letting of this well located high quality office building.”

Tom Almas, CEO of Wizu Workspace Group, said: “It’s incredible to be adding yet another inspiring workspace to our portfolio. We’ve been eager to bring Wizu to the Midlands for a while, a region known for its vibrant and growing business community and first-class transport links.”

Osprey House will officially open as flex space on October 7.