The Mailbox to open 50,000 sq ft co-working space

Leisure, hospitality and office venue The Mailbox, says it had ‘another positive performance’ in the final quarter of 2021.

The companies main asset management initiative will see the conversion of a 50,000 sq ft retail space into a ‘state-of-the-art’ co-working space that is due to open in Q2.

Working with M7 Real Estate and IWG, The Mailbox will also support more than 350 OpenDesk workspaces, making it the largest OpenDesk hub in IWG’s global portfolio.

OpenDesk offers flexibility and privacy by using magnetic screens to create privacy or clusters for larger teams or for meetings. Each workspace can be accessed using Spaces’ mobile app, providing 24/7 working for members.

Stephen Barter, non-executive chairman of Mailbox REIT plc said: “Working with M7, the board has also made the Company’s focus on ESG an important priority and our approach to being a responsible landlord, including setting out the Mailbox’s path to net zero, will be addressed in detail in the full annual report, alongside our other community and environmental credentials.

“We recognise that this has an important role not just in helping create a better and greener future for generations to come but is also vital to Mailbox’s ability to attract tenants and growing income.”

With new office and food and beverage leases added to The Mailbox’s low-risk occupiers, rent collection had continued to be strong with 93.9% of rent collected for the quarter.

Leases with companies such as Castle Fine Art, which operates a gallery in retail space has also taken 8,000 sq ft of office space for its headquarters, and Sixes Cricket Club had added a further £400,000 of income upon expiry of rent-free periods and reduces The Mailbox’s current vacancy to below 5%.

The Mailbox says this supports its ability to continue to pay a dividend in line with its 7 pence per share IPO target that it announced today.