Landsec expands flex portfolio after Regent Quarter purchase

Landsec is set to add more than 100,000 sq ft to its flexible office portfolio, including a newly purchased block in London’s King’s Cross.  The REIT will open two new Myo locations – 23,000 sq ft at Lucent, W1, in 2024, and 82,000 sq ft at Regent Quarter, N1, in 2025. Landsec bought the Printworks building in Regent Quarter, at 42-50 York Way, from Nuveen in July. The deal is understood to have been struck for below £90m. The flex office brand has two sites at Victoria Street and Liverpool Street, which are more than 92% let combined. The company has already lined up three new Myo sites to open by the end of 2023: New Street Square on Fetter Lane at 45,000 sq ft; One New Change, by St Paul’s Cathedral, at 46,000 sq ft; and a 48,000 sq ft site at the Forge, Bankside. With the addition of the five new sites, Myo’s total footprint is set to more than triple by 2025 to over 300,000 sq ft. Marcus Geddes, managing director for workplace at Landsec, said: “Following the acquisition of a freehold interest in King’s Cross, we have unlocked an opportunity in a prime location which will create accretive value, and which enables us to accelerate our Myo expansion plans. Meanwhile, in Piccadilly, we are responding to customer demand and bringing forward more quality, flexible space to a supply-constrained West End market.” He added: “Businesses of all shapes and sizes are looking for high-quality, sustainable offices in locations that will draw in talent and help to create the right culture to grow. Our existing Myo locations are already close to capacity, and we see continued strong demand for high-quality, flexible office space in the right locations.”To send feedback, e-mail chante.bohitige@eg.co.uk or tweet @bohitige Image from Landsec