Serviced office provider expands with bank support
North West serviced office provider W_RKSPACE has continued to grow its portfolio of flexible commercial spaces with the acquisition of its fourth property, with the support of a six-figure funding package from Lloyds Bank Commercial Banking.
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, on Chorley New Road.
With the site already approaching full occupancy, the new property is expected to boost W_RKSPACE’s turnover by 25%.
Hamill House includes 25 modern offices with suites accommodating start-ups and SMEs of up to 20 employees.
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.
W_RKSPACE managing director, Rizwan Seth, said: “Hamill House is already a well-established serviced office in the heart of Bolton’s professional district. With 95% 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.”
Johnathon Townsend, relationship manager at Lloyds Bank Commercial Banking, said: “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.
“We’ve pledged to lend up to £1.3bn to North West firms like W_RKSPACE in 2019 to help them make key investments for growth, such as carrying out acquisitions.”
