Plus X appoints Savills to advise on 1.25 million sq ft UK expansion

Plus X innovation hubs has recently appointed international real estate provider Savills as strategic advisor for its plan to expand its current portfolio of hubs to 25 over the next five years, targeting 1.25 million sq ft of workspace across the UK. As well as longer term development opportunities, Plus X is looking for existing buildings to transform in the next 6-18 months.

Initially backed by regeneration developer U+I, Plus X offers a unique workspace concept that provides state of the art innovation facilities and business support services for ambitious startups and scaleups through to large corporate clients.

Offering a range of workspaces within its hubs from co-working desks to studio offices and entire floors, Plus X also provides a variety of specialist equipment such as bio labs, product prototyping machinery and media suites that are tailored to the needs of local industry and its members.

It’s most recent development, Plus X Brighton, a 53,000 sq ft site which opened in July 2020 has surpassed tenant occupancy targets despite the Covid-19 pandemic. This success has led the innovation hub to be shortlisted for the ‘best workspace’ category at the upcoming 2021 EG awards, as well as recently winning several leading design and architecture awards including Design Week’s 2021 ‘best workplace interior’ award.

The hub also won a £10.5m grant to support the fit out and services delivered in the building. As Plus X expands in the UK, the team continue to work with local government teams to access funding grants to support regional innovation and job creation in the areas in which it operates.

Savills has been appointed to support plans for Plus X to expand further through both the acquisition of sites and entering into management agreements with landlords of sites in major regional towns and cities across the UK. Plus X will consider immediate opportunities from 25,000 sq ft in order to accelerate the development of its UK network as well as larger sites and developments in the right locations.

Paul Rostas, co-founder and co-CEO at Plus X, comments: “We want to create a national network of hubs to help landlords unlock space and planning profitably and have a greater social impact. Our hubs can add a renewed vibrancy to a location as well as adding a new dynamic to a multi-let property. Furthermore, our retrofitting is also more carbon friendly ensuring that they help to meet ESG targets. Additionally, at a time when corporates are trying to attract their teams back into collaborative workspace, our team have been developing innovation programmes, which partner the solutions of forward-thinking SMEs with corporate innovation teams who want to stand apart from their competitors. We believe that when people cross paths, ideas are exchanged, great things can happen.”

Gary Carver, director in the business space agency team at Savills Cardiff, says: “Plus X is one of the most exciting and forward thinking innovation hubs in the current market. Its unique offer goes above and beyond in terms of ensuring that businesses are supported at every stage. This is not a ‘one size fits all’ package but a bespoke service that offers space, expertise and collaboration, whilst also offering programmes that meet specific local economic needs.

“Demand from companies looking for more flexible space in Cardiff has increased in the last 18 months and Plus X will therefore be a huge boost for the local area, which has a wealth of innovation and talent that would benefit from having access to the concept.

“We are very much looking forward to working with the Plus X team and would welcome any suitable opportunities in the Cardiff region for consideration.”

Cal Lee, global head of Savills flexible office specialist Workthere, comments: “Plus X has taken the current flexible office model one step further by providing a truly comprehensive offer for companies of all sizes. It not only provides a base where new businesses can operate, but it is a job creator and its thorough understanding of exactly what these businesses need to thrive and scale is first class and that is what makes it such an exciting project to be a part of. This project, which will be led by our Savills Flex working group, will involve a number of Savills teams across the property spectrum.”