British Land to launch flexible workspace brand

British Land will launch a branded flexible workspace offer as it looks to take advantage of an increasing trend towards shorter leases and co-working.

The developer has already agreed its first flexible workspace letting at 2 Finsbury Avenue for 25,000 sq ft of space and will officially launch the brand next month.

It will initially see 80,000 sq ft of space released in its London portfolio which will also include space at Ealing shopping centre.

The brand will target occupiers in the 20-70 desk market and will be led by British Land’s head of operations Joff Sharpe.

The developer announced the move in its full-year result this week in which it said it “enables us to capture incremental demand from the increasing number of small businesses taking space in London as well as meeting a growing need amongst our existing occupiers for flexible space for specific projects and teams”.

“We see it as an opportunity to achieve a premium for flexibility over traditional ERVs,” chief finance officer Lucinda Bell said. “People like a mixture of uses at campuses and multi-let retail.”

Fall in NAV

The UK’s second largest property company reported a 0.4% drop in net asset value (NAV) per share during a year.

The 2017 NAV per share fell to 915p, which was ahead of consensus analyst forecasts of 867p a share.

The group was hit by a 1.4% fall in the valuation of its property portfolio, while net asset value fell slightly to £9.5bn from £9.6bn last time.

However, underlying profit was up 7.4% to £390m, compared to £363m last year.

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