EightyFen developers: We’re believers in London

Maxwell Shand believes that offices can offer companies benefits that lockdown-driven working from home never will. Given that he is now trying to fill one of the first new office developments to complete in the City of London since the coronavirus pandemic started, he will hope that potential tenants agree. “[Covid-19 has] really opened people’s eyes to different ways of working and that’s got to be a positive thing. It has also shown people the value there is in coming together,” says Shand, co-founder of developer YardNine, whose EightyFen, EC3, completed in September. “There’s much you can do away from the office but it’s still very hard to come up with new ideas and build a brand and a team.” Covid-19 and the enforced mass working from home has meant occupiers are now increasingly looking for their office space to house areas to showcase brand and culture, innovation centres and social and wellbeing hubs, Shand says. Fellow YardNine director Mark Younger adds: “[The office has] moved, yet again, further away from the old-fashioned sweatshop environment, which was located next to where the chief executive got off the train.” The changing requirements of office occupiers during the pandemic has been front of mind for the YardNine team as the firm headed to completion of its 250,000 sq ft office-led maiden project. This was “a huge milestone” for the business, which was launched in 2018 by former Exemplar directors Shand and Campbell MacDougall, particularly given the unexpected complications presented by the coronavirus pandemic. Initially due to complete at the end of June, the project was subject to only a “marginal” delay, which was a credit to contractor Skanska, Younger says. Shand adds that the City of London Corporation’s flexibility over working hours and efforts from the whole team created a “collegiate approach” which, he said, “is what makes things successful in such difficult times”. Last-minute changes to ensure the 14-storey building, which YardNine is delivering on behalf of Partners Group, is able to provide the best work environment fit for a post-Covid world included modifications to the handling of air within the building to protect against cross-contamination of air and the addition of UV filtration. The firm is also adding a staircase to join two floors for incoming tenant Arcadis. Shand says the building already benefited from having a 6,000 sq ft entrance, which means people will be able to enter and exit the building easily with social distancing. It also has software from Smart Spaces, similar to Axa Investment Managers’ scheme at 22 Bishopsgate, embedded which will allow users and visitors contactless entry into the building. People will be able to enter the building via their mobile phones and automatically call a lift to take them to their designated floor. Another feature of the building is its outdoor terraces. Shand believes buildings with outside space will start to stand out amongst the competition. In fact, he is anticipating future buildings could give over 20% of their space to providing amenities for occupiers going forwards. “Gone are the days where you just have a reception area and offices upstairs.” At EightyFen with help from another incoming tenant, US-based serviced office provider Convene, the building will offer healthcare and exercise space, as well as catering, project and collaboration rooms. While the impact of Covid-19 on the mindset of employers and on the way offices are likely to be used in the future cannot be underestimated, it has accelerated some trends. These include a focus on flexible working practices and ESG targets. And it is this that has forced a rethink at YardNine’s second project over in Paddington on behalf of Invesco. This scheme will firstly deliver 75,000 sq ft of workspace and 10,000 sq ft of retail space at 50 Eastbourne Terrace, W2, and seven mews houses within Chilworth Mews and in a later phase the redevelopment of 40 Eastbourne Terrace. Adjustments have also been made to this scheme with a gold WELL rating (rather than bronze) now being targeted for 50 Eastbourne Terrace because of the increasing emphasis on ESG by occupiers when it comes to their workspace, Younger explains. Smart Spaces software will also be embedded into 50 Eastbourne Terrace, which will gives users more control over their environment. Younger adds that Covid-19 has meant the firm is focused even more on the type of product it needs to be delivering. The firm, which will become the asset manager of EightyFen for Partners Group, is also on the hunt with partners for new opportunities across London’s travel Zones 1-3. “As a business we’re believers in London. There is definitely room for improvement in the offering of workplace and office developments,” Shand says. To send feedback, e-mail louise.dransfield@egi.co.uk or tweet @DransfieldL or @estatesgazette