Battersea Power Station Sold Final 40,000 Sq. Ft. to Luxury IWG Offices
Excitingly, news has emerged that IWG, the parent company for serviced office providers Regus and on trend younger sister, Spaces, is to take the final 40,000 sq. ft. of space within the iconic Battersea Power Station development.
No. 18 @ The Battersea Power Station
IWG’s concept will be a first for the UK and ‘The Engine Room’ will bring a bespoke offering to the remarkable multi-use site. The concept itself, branded No. 18, first launched in Sweden in 2012. It exists in two other sites in Stockholm and since IWG bought it last year, plans for a site in the United States have also been set in to motion.
No. 18 has been described as a “cosmopolitan members club for businesses with beautifully designed lounges, meeting rooms and high-end workspaces tailored to support all its members’ needs”. Set over two floors, overlooking a beautiful atrium, the workspace will look down into the two turbine halls set to accommodate around 100 shops and restaurants.
The Grade II listed Power Station building, designed by Wilkinson Eyre will also be home to Apple’s headquarters when it opens in 2021. No. 18 will neighbour Apple, eventually brining a strong presence of tech and media enterprises to the project.
Andrew Hilston, Head of Leasing at Battersea Power Station Development Company (BPSDC), told CoStar, “We’re very excited to welcome No. 18 to the remaining space in the Power Station as their first UK venue and believe this bespoke concept will offer an extraordinary place to work and do business. With Apple’s new London campus and now No. 18’s innovative, design-led offering moving here, Battersea Power Station is set to become the centre of one of the London’s most exciting tech and media districts.”
IWG’s Strategy Reversal
The venture comes after much uncertainty of IWG’s future with talks of a sale recently collapsing over price disputes. The company is a huge global operator with a current presence in over 110 countries. However, a change of strategy occurred when IWG’s second largest shareholder Toscafund increased its stake in the group from 11.08% to 12.58%.
Michel Gordin, CEO and Founder of No. 18, again told CoStar, “Battersea Power Station is a global icon. We believe it is the perfect fit for us – a place brimming with stories, where heritage meets novelty. We will be bringing The Engine Room, a concept that will complement the architecture of the Power Station building and provide a breath-taking environment.”
Across the one million sq. ft. that makes up the development, 52% is now devoted to alternative, creative and inspirational workspace. Overall, this further highlights the strength of the London market despite recent economic ambiguity.