Commercial Property News

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Tuesday, November 13, 2023

Space business centres secures five sites

The five sites are spread across the south of England at: Mollys Millars Lane in Wokingham; Smeaton Close in Aylesbury; Knights Road in Strood; Olympic Park in Gloucester and a site in Poole, purchased for a total of 6.5m. There are a further two sites in the pipeline.

Each Space Business Centre will consist of between 30 and 50 small industrial units, ranging from 300 to 800 sq ft (28 to 74 sq m) on one to two acre sites. Each unit will be available on flexible monthly licence.

Alex Gale, development director of Space Property, comments: "The purpose of Space Business Centres is to cater for the many small businesses looking to make the next move from their base at home or provide flexible space for budding entrepreneur's first business venture. The units can also be used for standard storage purposes and is ideal for companies that have overflow requirements for a short period of time.

"We believe that we are one of the few people providing a flexible workspace environment aimed solely at the industrial sector. The office sector has proved the success of the serviced building concept and we are extending the philosophy to a different part of the market."

Space Property aims to open 40 SBCs in the next five years. The first five will be completed and open by summer 2008.

The development programme is being funded by the Space Business Centres Investment Partnership which was set up by Jones Lang LaSalle Corporate Finance raising 10 million from private investors. The limited partnership allows investors to benefit from a diversified rental income.