Marylebone Warwick Balfour Group is teaming up with Avanta Business Centres to launch an upmarket business centre division. The operation aimed at the ” four-star” occupier market and is looking at development sites within the M25 and in central London.
The JV has secured its first site. Highway House, a 1,950 sq m (21,000 sq ft) office building in Bracknell, Berkshire, was taken on a 15-year lease from the Commission for the New Towns. Work is under way on a £350,000 fit-out of the five-storey building and will open next month.
John Harrison, a director of MWB, said the new division will complement MWB’s existing 25-strong serviced office operation which is now the country’s second largest operator of business centres with over 46,450 sq m (500,000 sq ft) of accommodation.
David Alberto, director of Avanta MWB Business Centres, added that extensive research of the serviced office showed a substantial demand for a high-quality business centres.
MWB owns 85% of the new company, while Avanta owns the remainder.
EGi News 12/08/98
