Leeds-based Prospect Business Centres, which operates two premium serviced office centres in London, has opened the doors of its fifth serviced office centre, its third in the capital.
With occupancy rates over 90 per cent in its existing London centres Prospect Business Centres, part of the growing Yorkshire based Prospect Property Group, is rapidly expanding in the capital to take advantage of the City’s record levels of demand and rising rents.
The company has spent several months refurbishing the fifth floor of the 105,000 sq ft period building at 107 Leadenhall Street, just a few metres from the landmark Gherkin building and opposite Lloyds of London, before officially opening the doors to tenants this month. The new centre represents an investment of £1.5m by the premium serviced office operator which grew turnover to £5.5m in 2014. A further two serviced office centres are planned for 2015.
The company now has desk space for over 1,220 people across its five centres, and the portfolio comprises a total of 80,000 sq ft of fully refurbished city centre office space across its three other London centres and at the firm’s two Yorkshire centres at Prospect House and Fountain House in Leeds.
The business is seeing increasing demand for its offering of flexible term agreements, concierge standards of service and state-of-the-art IT connectivity and telecoms. The new centre provides offices from two to 150 desks, 24-hour access and hotel-standard surroundings, including conference rooms, showers and high quality catering facilities.
“Since we first opened in London in 2011 we have seen consistently high occupancy. We are refurbishing properties to the highest spec, and our reputation for value and high levels of service is keeping customers very loyal,” said Charlie Cudworth, managing director of Prospect Business Centres.
The growth of London as an international centre for finance and the booming economy in the city has driven demand for short and medium-term office space, and Prospect Business Centres is committed to further expansion in the capital.
“We are already seeing a good level of occupancy at 107 Leadenhall purely from existing tenants of our other centres and through word of mouth, even before we have started marketing the site fully. There are several other potential London sites we are looking at with the right mix of high quality property, good locations and growth in the local area that means that we are likely to add further centres to the portfolio during 2015,” added Mr Cudworth.
“We are sticking to a formula of scale and product that has proved to be really successful. Occupancy levels and demand are higher in London than anywhere else in the UK at the moment, and so we are focused on that market, but centres in our home town of Leeds are also performing well with occupancy there climbing well over 80 per cent,” concluded Mr Cudworth.