13 February 2019 – In what represents their second collaboration with Orega in the last nine months, the first being George Square in Glasgow in 2018, leading serviced offices provider Orega has entered into a management agreement with EPIC, the owner of Grade II* listed St Paul’s House in central Leeds, on 11,000 sq ft of office space arranged over the ground and third floors.
Leigh Perl of Epic said of the transaction: “This the second building in which we have entered into a management agreement with them and we hope to strengthen our relationship with them in the years ahead. We recognise that it is essential for us to provide a strong flexible offering within our multi-let regional properties and we value our partnership with Orega.”
Robin Pugh, Real Estate Director of Orega said: “Leeds is one of the most vibrant cities in the UK for flexible workspace and we are delighted that St Paul’s House will be the home of our first centre in the city. We are also pleased to be working in our second venture with EPIC following George Square in Glasgow, which opened last year.”
Douglas Green, director of GKRE, who advised EPIC said of the transaction. “It was a pleasure working with both Orega and existing clients EPIC and helping them negotiate their second management agreement this time in Leeds, one of the UK’s fastest-growing cities. As a trend we are seeing a lot more activity by property owners looking to enter the market under the terms of these agreements as they represent an established and flexible way to gain access using existing operational expertise.”
St Paul’s House is an historic 19th century building overlooking Park Square, which underwent radical renovation work, including a new roof, to restore it to its former glory three years ago. It was bought by EPIC from Boultbee Brooks Real Estate in 2016 in an off-market deal, advised by the Leeds office of Knight Frank. The letting means that St Paul’s House is now fully occupied.
Elizabeth Ridler, partner and office agency specialist with global property consultancy Knight Frank in Leeds, who also advised landlords EPIC, said: “This transaction follows quickly on from lettings to Sedulo and Northedge. Other occupiers in the building include DAC Beachcroft, Cushman & Wakefield and the Quality Care Commission. The building is now fully let.”
Leigh Perl from EPIC said: “It is tremendous news that St Paul’s House is now fully occupied and we are very proud of what has been achieved there during the past three years. Built in the Venetian style, St Paul’s House is arguably the most striking building in the city centre and is now a stunning mixture of the old and the new. Its high-quality Grade A office space combined with its stunning exterior façade and unrivaled location makes it one of the most attractive working environments in Leeds.”
GKRE is the UK’s leading specialist flexible workspace agency. Founded in 2013, the directors bring to GKRE more than 25 years’ experience in the flexible workspace industry between them. GKRE has recently been involved in the merger and acquisition of businesses worth over £40m, comprising more than 450,000 square feet in some 50+ buildings. The agency has acquired in excess of 450,000 square feet across the UK for 15 different operators. GKRE advises landlords and building owners throughout the UK on their flexible workspace options and opportunities to partner with flexible workspace providers.
Orega is a privately owned serviced office provider that opened its first business centre in 2001. Joint owners, Paul Finch and Zachary Douglas have established a reputation for integrity and professionalism, creating contemporary working environments with a focus on delivering excellent service to all their customers.
Orega operates in a variety of city centre locations in the UK. Its commitment to providing the highest level of support services and professional environments throughout its centres is stronger than ever as it strives to provide the best working environment possible. http://www.orega.com/