Following the announcement last week that WorkPad has appointed Edward Griffin as CEO and Elliott Morley as COO, the office serviced business has now unveiled a significant new step in its growth plans.
The newly launched WorkPad HQ is aimed at bridging the gap between landlord and customers, and will see the WorkPad offer to extend to over 100,000 sq ft of prime central London office space.
WorkPad partners with some of London’s biggest estates including Shaftesbury, Grosvenor and Langham and has to date specialised in short term, bespoke private office spaces – offering a mix of both a traditional lease and a private serviced office. Locations include Marylebone, Soho, Covent Garden, Bloomsbury and Fitzrovia in a portfolio of over twenty properties
Created in the wake of the Covid-19 pandemic to provide an interim solution for landlords to provide instant income during a period of uncertainity, WorkPad HQ offers landlords easy access to a growing flexible market and tenants an attractive “try before you buy” approach towards a long term traditional lease with landlord.
WorkPad are one of the first flex operators to offer a true fully customisable flexible offering, complemented by WorkPad’s own in house design team to ensure a bespoke, attractive approach for tenants. WorkPad works with its partners to highlight key prime central London properties, providing a pro bono design consultation and once a pre-agreement with the landlord is reached, begin marketing the properties to its select customers only.
Once a lease is agreed, WorkPad oversee the entire legal process on behalf of the landlord, ensuring ease and convenience throughout the process. Subject to an initial two year minimum term, the agreement continues to be run and managed by WorkPad, with further extensions agreed with the landlord by WorkPad. All ongoing property operations and customer relations will be fully managed by WorkPad. If the tenant agrees to a longer term, more traditional lease, then negotiations are passed directly to be handled between the tenant and the landlord.
WorkPad CEO Edward Griffin says “Post COVID-19, more than ever we are finding clients want privacy on flexible terms.
We wanted to find a way to work quickly and ambitiously with landlords, finding a fast and flexible approach to securing office space for tenants, with one eye on the rapidly changing landscape for both tenants and landlords because of the pandemic, and just as a reflection on the changing needs of business. In essence we want to provide landlords easy access into the flex space market by proving tenants turn key solutions without large, long term or hefty tie in terms. Tenants win by securing a self-contained private space fully bespoke to their own brand and culture. WorkPad HQ provides the best option for both landlords and tenants.”
The benefits for landlords are many and include:
- Instant income – with a minimal rent-free period compared to a traditional lease and transparent, monthly revenue from the tenant
- CapEx – Landlords commit only once a customer is secured
- Bridging the gap – WorkPad HQ gives landlords a secure platform to offer short term agreements and to benefit from the growing flex market
- Higher returns – landlords can access higher revenues compared to a traditional lease
- WorkPad HQ provides a shorter-term lease with the intention of creating long term stability for the Landlord
- Bespoke – WorkPad HQ’s customisation of the office space for the tenant encourages customer loyalty
- Hassle free – WorkPad to manage all aspects from contract negotiations, initial build, servicing and maintaining the property, and customer relations – from beginning to end
- Stop gap – a solution for landlords to generate instant income during a period of uncertainty whilst keeping longer term options open
- Simplicity – simple contracts, quickly agreed, minimal legal fees
- Landlord to continue advertising their properties with other agents
- Minimal voids – when compared to a traditional lease, turnaround can be faster, ensuring minimal voids between customers moving in and out
- Access to the increased demand for flex space
For tenants, the benefits include:
- Flexible terms – the ability to rent a fully customisable, self contained property on flexible terms
- Try before you buy – a steppingstone towards a long-term traditional lease, opening up the longer term model to businesses who may not want to undertake that commitment in the short term.
- More options – WorkPad HQ offers access to properties which would have been previously unattainable and at terms that are more attractive compared to a long-term traditional lease
- All inclusive and transparent monthly costs and minimal upfront expenditure for the tenant
- No office management concerns
- Reduced legal fees and simple, straightforward contracts
- Reduced financial long-term commitment
- Flexible terms – simple, hassle free and flexible agreements
- Speed – compared to a long-term traditional lease, the customer has the ability to find, sign, customise and move into a property within a short space of time
WorkPad partners with some of London’s biggest estates including Shaftesbury, Grosvenor and Langham and has to date specialised in short term, bespoke private office spaces – offering a mix of both a traditional lease and a private serviced office. Locations include Marylebone, Soho, Covent Garden, Bloomsbury and Fitzrovia in a portfolio of over twenty properties.