Grosvenor Britain & Ireland has decided to break into the serviced office market. The firm has partnered up with Central Working, a serviced office provider, to launch their debut site in Belgravia in the near future.

Grosvenor’s 80,000 sq ft Eccleston Yards development located in Belgravia was recently acquired by investor backed Central Working. As well as offices, the development will host 19 units for food, fashion and retail.

Fraser Williams, Director at Morgan Pryce and one of London’s leading Chartered Surveyors, explains; “Serviced offices are a prominent part of the industry. Post Brexit, the landlord market has weakened due to the serviced office segment; Landlords have had to become increasingly more flexible with tenants in order to generate income.”

The new site, which will be named Central Working Victoria, will host more than 500 entrepreneurs across a 28,000 sq ft flexible working space. It marks Grosvenor’s first foray into the shared workspace market, building on its £5.1 billion portfolio of assets under management in London, Oxford, Cambridge and Southampton.

Central Working aims to differentiate itself from competitors by incorporating a number of unique co-working features, including sleep pods and a 70-seat auditorium to accommodate visiting lecturers from the tech and creative industries.

This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.