The largest flexible workspace operator in London’s suburban market, Spacemade, has signed management agreements for two new flexible workspaces in the Fulham Broadway centre and Wandsworth. This brings its total number of spaces up to 14 and cements its position as the fastest-growing operator on pure management agreements in the UK.
Both Fulham Broadway and Wandsworth are second deals with existing Spacemade landlord partners: CBRE IM and a private investor. The signings follow on from Spacemade’s most recent deal for a new space in Clerkenwell, which is also repeat business with the group’s existing partner, Wittington Investments.
Set to launch in May 2023, Spacemade’s new Fulham location is being delivered alongside CBRE IM. It will include 10,000 sq ft of flexible workspace with a capacity for 150 members within the bustling Fulham Broadway. The group is repurposing a former JD Wetherspoon pub, weaving the space into the local retail, leisure, and hospitality hub.
Spacemade has also announced a deal to operate a 13,000 sq ft neighbourhood workspace in Wandsworth as part of a development on 1 Armoury Way, in short walking distance to the popular Old York Road. The building has strong sustainability credentials, rated EPC A and BREEAM Excellent. With a capacity for 200 members, it will benefit from communal terraces, gym facilities, and Zoom rooms. Both the terraces and gym cater to workers’ growing demand for outdoor space and wellbeing.
The group now has four neighbourhood spaces in operation with five more locations to follow including Riley Studios in Archway, North London launching in April this year. Spacemade is rapidly growing in both the city centre and suburban market.
In March 2022, Spacemade signed for 10 Brindleyplace in Birmingham with CBRE IM, taking over 25,000 sq ft of the ground floor and the whole of the first floor. The latest Wandsworth deal was sealed with the same private investor who already selected Spacemade to operate the flexible workspace at its Putney development in September 2022.
Dan Silverman, Co-founder of Spacemade, said: “Occupiers want flexibility, less space but of the highest quality with a strong hospitality offer which is what we’re enabling landlords to provide. At Fulham Broadway and Wandsworth, we’re providing state of the art amenities and members will benefit from a growing network of popular and aspiring spaces across London and the UK. This connected portfolio offers the flexibility occupiers demand in a hybrid working world.”
Louisa Butters, Head of UK Retail Asset Management at CBRE Investment Management, on behalf of Fulham Broadway added:
“These new development plans with Spacemade are part of a long-term strategy for the destination. We want to appeal to businesses looking for a new style of space with sustainable credentials and that has access to our unique retail and leisure offer, creating a hub for office workers. We are looking forward to embarking on our next project with Spacemade at Fulham Broadway, an already strong location benefiting from being well connected and a high footfall.”
Spacemade currently operates 100,000 sq ft of flexible office space across the UK – with another 100,000 sq ft in the pipeline, doubling the group’s portfolio. It is well on track to hit its target of opening 50 new flexible workspaces across the UK in the next three years.