British Land fits out workspace for new SME brand

British Land is fitting out 160,000 sq ft of flexible office space for a new workspace product aimed at SMEs and expanding businesses.

Storey provides offices for companies employing between 20 and 70 people who have outgrown co-working space, and has been “created to fill a clear gap in the London office market which customers say is not being satisfied,” the developer said.

The product also suits existing or larger office customers seeking project or shorter term space on top of their core requirements, it added.

British Land is currently fitting out 80,000 sq ft of flexible workspace for Storey, with an additional 80,000 sq ft earmarked for a further wave of openings over the rest of the year.

Storey will operate within British Land’s existing London assets, predominantly at its Broadgate, Paddington Central and Regent’s Place campuses.

“These have a critical mass of office customers and offer the ideal environment for ambitious organisations looking to grow,” a statement from British Land said. “Storey customers will be able to access facilities traditionally reserved for larger organisations and automatically benefit from the broader campus environment where a focus on wellbeing also supports growth and productivity.

“Leases will be simple, jargon-free and all-inclusive, covering rent, business rates and service charges, secure, fully backed-up WiFi, reception service, cleaning and maintenance and office furniture. Storey will offer shared facilities including showers, bike racks, shared kitchen areas and meeting and collaboration space.”

Storey will be supported by British Land’s property management arm, Broadgate Estates.

Chris Grigg, chief executive at British Land, said: “British Land concentrates on three core principles: understanding our customers so we can respond to their needs; creating great environments both within our buildings and their broader environments; and using our scale, expertise and long-term outlook to deliver value across our portfolio.

“Not only does the combination of these differentiate us, it also led us to develop Storey for a different customer base. By understanding the needs of ambitious SMEs and project teams, providing the right space for them and removing the hassle of running an office, it allows them to focus on their own businesses.

”We have the benefit of owning the buildings in which Storey will operate giving us much greater control of the service and experience customers receive, such as the quality of the technology and continuity of the Wi-Fi, one of the top frustrations identified in our research.”