Landsec To Triple Flexible Workspace With Myo Expansion
Landsec plans to accelerate the growth of its flexible office business Myo and triple its total provision by 2025.
The UK REIT announced plans for the creation of an additional 100K SF of flexible space in King's Cross in 2025 and Lucent, Piccadilly, in early 2024.
The move significantly expands Landsec’s strategy to build on its two existing Myo sites at Victoria Street and Liverpool Street, which are over 92% let.
The news follows Landsec’s earlier announcement that three new Myo sites will open by the end of 2023: the 45K SF Myo New Street Square, the 46K SF Myo St. Paul’s and the 48K SF Myo Bankside.
These new schemes will grow Myo's total footprint from less than 100K SF to over 300K SF by 2025 across seven central London locations.
Landsec has committed to opening a 23K SF site at Lucent, its new office scheme directly behind the Piccadilly Lights. Spread across two floors, it will provide lounge space, meeting rooms, event space and private offices.
In June, Landsec confirmed that it has pre-let an additional 50K SF of office space at Lucent, bringing the building to 77% pre-let ahead of completion. The company said that a St. James’s-based international hedge fund had signed for two floors, almost doubling the size of its current UK headquarters.
In King's Cross, Landsec will create 82K SF of WELL-certified flexible space at its recently purchased Regent Quarter scheme.
“Following the acquisition of a freehold interest in King’s Cross, we’ve unlocked an opportunity in a prime location which will create accretive value and which enables us to accelerate our Myo expansion plans,” Landsec Managing Director, Workplace Marcus Geddes said in a statement. “Meanwhile in Piccadilly, we’re responding to customer demand and bringing forward more quality, flexible space to a supply constrained West End market.”
Landsec is in the long-running process of selling off mature London office assets and reinvesting the proceeds in development. It has sold about £2.4B over the last three years, with a sales target of £4B.
