Design-led flexible workspace operator, Co-Space, has signed a profit share lease for its third site at Elder House in Milton Keynes – which was recently dubbed “a great town for entrepreneurs”, ranking in the top 25 of British Towns (Bionic, 2022). The 19,000 sq.ft. of new flexible workspace has been signed under a new 15 year profit share lease, in addition to opening private office and co-working space, there will also be a new coffee shop to support the landlord’s building strategy.

Acting on behalf of Co-Space, flexible workspace advisers, HEWN agreed terms for a partnership based lease which seeks to support the landlord’s overall strategy in creating a destination, and improve the hospitality offer within the building, with a café open to the public to drive footfall.  

Will Kinnear, founder of HEWN comments, “Milton Keynes is booming, it has one of the highest rates of new businesses in the UK, with a colossal 42.7% survival rate. Co-Space’s other sites in Stevenage and Reading are both over 90% full, with a focus on supporting and enabling local businesses. Located next to the mainline station, it is a superb home for enterprise.”

With talent retention and attraction one of the biggest issues in business, employers are looking at ways to create workspaces that inspire and compel employees to not just get back into the office but stay in work. Flexible workspace operators are supporting such businesses to do this, enabling them to strengthen their workplace culture though outsourcing not just property needs but design and service.

William Stokes, CEO and co-founder of Co-Space comments, “Our spaces in Stevenage and Reading are both almost at capacity, we’re excited to be growing into a new space and location. Milton Keynes’ economy is growing, particularly in the IT, tech and consultancy sector, we are geared to support these businesses via a strong hospitality offer and connectivity. We look forward to partnering with the Landlord to create high quality, design led workspace that will enable Elder House to attract occupiers looking for short or long term deals, no matter their size.”

Work has already began at the site, and it is expected to be open and operational by Summer 2023.

Angus Malcolmson of Avison Young acted on behalf of the Landlord, Petit Papillon.