Grosvenor plans to convert a fifth of its UK office stock into hospitality-led flexible space, as part of what it hopes will become a 300,000 sq ft flex portfolio.
James Raynor, chief executive at Grosvenor Property UK, said the company sees “a significant opportunity in bringing together the right teams, products and services to deliver a premium offer that provides occupiers with the choice and flexibility that they are looking for”.
Grosvenor has opened 18 new flex locations in the past year, taking its total portfolio to 135,000 sq ft across 20 sites. It said all were leasing ahead of expectations.
In London, alongside an established operation in Eccleston Yards 25EP, SW1, new locations in the capital include 128 and 162 Buckingham Palace Road, SW1, and Fivefields in Victoria (all SW1), as well as 50 Grosvenor Hill, 34 Brook Street and 35 Grosvenor Street in Mayfair – all W1 – each providing private offices hosting 2-60 people, meeting rooms and hot-desks.
Fitted suites for up to 50 people have opened in Manchester, Birmingham and Bristol over the last 12 months. Grosvenor expects to add eight new locations in London and two fitted spaces in Manchester this year.
Raynor added: “Flex and our ongoing investment in new products and services that meet changing occupier needs is a core part of our growth strategy. We are moving quickly and, by the end of this year, we expect to have delivered over half of the space dedicated to this plan.”
Photo © Jack Hobhouse
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