Bristol-based travel solution company Paxport completed an office relocation deal last month and moved in just four days later, in a move that illustrates a shift in the commercial property market in the city.
In a deal brokered by global property company JLL’s Bristol team, which also project managed the building’s refurbishment, Paxport has moved into The Landing, a newly refurbished, contemporary Grade A office building on Redcliff Street.
Designed in a contemporary, creative style, the building, which overlooks Bristol’s Floating Harbour, is fully fitted out with furniture, data cabling, meeting rooms, kitchens and cycling facilities.
Owned by Legal & General, The Landing is one of the first of the international investment company’s new ‘Capsule’ concept in Bristol which combines the fast and flexible benefits of serviced/co working offices with the security and quality of traditional leasing from a trusted landlord.
Traditional commercial property lettings would see a tenant view and agree to take space based on an empty office and then carry out its own interior design, fit out and telecoms installation, which can take several months.
Paxport, which employs 100 people in offices in Bristol and Stockholm, has taken the full 6,500 sq ft building at the Landing and sublet a floor to global digital retail business VVast.
Hannah Waterhouse, director in JLL’s Bristol office, who oversaw the deal, said:
“This deal – completed at speed – reflects what businesses want – their own, stylish, contemporary, high quality work-space that is ready to move into straight away and on flexible terms.
“The growth in demand for this ‘Plug and Play’ offer reflects a fast-moving, dynamic business environment and traditional property owners are now needing to offer new products like The Landing to meet that demand and stay competitive. What’s interesting too, is that Paxport has taken a smaller amount of space for a similar price, reflecting the trend for more flexible and remote working whilst ensuring the main business premises is of the best possible quality and fit.”
Research published by JLL earlier this year predicted that flexible office space would double over the next five years, partly bought about by the popularity of the co-working style, due to the ever-changing tech world we live in. Whilst the majority of commercial offices are not co-working facilities, the open plan, contemporary and stylish design is increasingly being applied to both serviced offices and now traditional commercial property lettings.
Tony Barker, owner and CEO at Paxport said:
“We knew what we wanted, and we wanted it fast – which is why the Landing was the perfect place for us. It’s a great space with a really stylish and attractive fit-out in an ideal location overlooking the harbour and within easy reach of Bristol’s shops and social scene. And most importantly, it was ready to move into with all that we needed – from fibre networks to funky furniture. We signed the deal on a Tuesday and were in by Friday, allowing us to concentrate on our business.”
Richie Jones, managing director at VVAst added:
“Having perused some of the newest office developments in Bristol’s central business district The Landing was a clear stand out. Its location, light and unique views out of Bristol’s harbour really chime with the collaborative environment we are looking to curate for our world class direct to consumer brand teams. Having been in for just over a week I think we’re all still trying to adjust to a vast improvement in our working environment. Bring on the summer when we can have meetings on the many balconies.”
Andrew Mercer, office sector lead at Legal & General, commented:
“As evidenced by the speed of execution of Paxport’s relocation to The Landing, it is clear occupiers are recognising the benefits of Capsule. The concept is really taking off, with 20 agreed transactions since launch last year. Today’s occupiers want a fast and easy leasing process, with flexibility and quality category B fit outs, offering furnished and work ready space. Capsule is tackling the frustrations which send many occupiers towards flexible providers, whilst retaining the traditional benefits of leasing premium office space from an established and trusted provider.”
JLL and Alder King acted on behalf of Legal and General.
