WeWork has confirmed plans to open a new location at Film House at 142 Wardour Street, W1, in Soho.
The long lease on the 98,690 sq ft property was acquired by its investment fund WeWork Property Advisors – which its parent company The We Company announced this week would become part of a new property platform ARK – from Sir Richard Sutton Ltd. The asking price for the long lease was around £97m.
The Sutton family has owned the freehold of the site for more than 200 years, and it was the first time since 1929 that a new ownership interest was created over the site.
WeWork will lease Film House from WeWork Property Advisors. It will provide workspace to accommodate around 1,800 members across floors one to six in the property, and partly occupy the ground floor and basement, which will also provide retail space. It is expected to open in 2022.
David Kaiser, head of WeWork UK & Ireland real estate, said: “Not only is the building located in the heart of Soho, but it’s also situated between two existing WeWork locations: Medius House and 16 Great Chapel Street – home to over 600 members – and we’re looking forward to seeing new members join the local community as well as our global network of over 466,000 members.”
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