Spaces Agree Pre-let at Wrenbridge & Palmer Capital’s Woking One Scheme

Global co-working office provider Spaces has agreed a 10-year lease on 39,000 sq ft of offices at Woking One, a 60,000 sq ft mixed-use development located opposite Woking Railway Station due to complete in August 2018.

The redevelopment, funded by the Palmer Capital Development Fund III (PCDFIII), a programmatic venture between CBRE GIP and Palmer Capital, offers approximately 39,000 sq ft of Grade A office space, which has been pre-let during construction to Spaces for a rent of £32 per sq ft. The office will be the largest co-working offering in Woking, while the redevelopment will also include new leisure and retail facilities.

Real estate investment management company Palmer Capital and development specialists Wrenbridge, acquired the site in 2015, with the aim of redeveloping the gateway site into Woking town centre. The site holds a convenient position located in the heart of the Surrey town and just a 15-metre walk to the railway station, which provides direct access to London Waterloo in just 27 minutes.

Chris White, Director at Wrenbridge, commented: “The successful letting of Woking One vindicates our strategy of focusing on town centre development opportunities. The occupational needs of tenants are changing with a focus on amenities and transport both of which are excellent at Woking One.”

Jeremy Metcalfe, Senior Associate Director in South East Office Agency at BNP Paribas Real Estate, said: “It is rare for an office development to be let in its entirety pre-completion in the South East market, which is a testament to the quality of the development that Palmer Capital and Wrenbridge have provided and its unrivalled location in Woking. Spaces commitment at Woking One further demonstrates the growth of co-working and serviced office offerings across the South East, with further growth in the region anticipated in the years ahead.”

Steve Holloway, UK Development Director at IWG, commented: “As part of our ambitious growth plans for the Spaces brand in the UK, we are delighted to have secured the entire office space at Woking One.  This is an excellent market for our business, and adds to the growing national network of centres that IWG operates across the country, in response to the workspace revolution that is now accelerating rapidly”

BNP Paribas Real Estate and Bray Fox Smith advised Palmer Capital and Wrenbridge, while Doherty Baines advised Spaces.