Europa Generation, a joint venture between pan-European real estate investment manager Europa Capital and Generation Student, announces that it has let the office element of Oxford Point in Bournemouth to Regus in one of the most significant office lettings in Bournemouth in the last decade.
Oxford Point is a 486-bedroom purpose-built student accommodation building with c. 32,000 square feet of new office space across three floors with a separate entrance. The office space was acquired by Europa Generation, on behalf of the Europa Generation Student Fund (the “Fund”), as part of a portfolio from Watkin Jones Group in June 2017. The building was completed in September last year and provides accommodation for students of both Arts University Bournemouth and Bournemouth University.
International flexible workspace provider, Regus, has signed a new ten-year lease on the premium office space, which also includes 63 car parking spaces, at an annual rent of £582,676 (equating to £18.50 per sq ft). Regus has the option to extend the lease for a further five years.
Regus’ entry into the town provides a much-needed boost to Bournemouth’s co-working market where there exists a lack of high quality flexible office space. The new centre is due to open in early summer.
Located less than five minutes’ walk from Bournemouth train station, the new Regus at Oxford Point is the perfect place for businesses, small and large, to call home. From expertly designed meeting rooms to creative co-working spaces, Bournemouth’s newest flexible working hub has something for everyone. And its location at the heart of the city centre means that there’s plenty to do outside of the office, including visiting Bournemouth’s Natural Science Society or the Russell-Cotes Art Gallery & Museum.
Steve Holloway, UK Network Development Director at Regus, said: “We are delighted to be partnering with Europa Generation to open Bournemouth’s newest co-working space. As flexible working continues to grow rapidly across the country, this new centre will offer something new to the area’s businesses, benefitting everyone from local entrepreneurs to the larger businesses that call Bournemouth home.”
Tim Turnbull, Partner of Europa Generation, said: “To have let the entirety of office space at this asset in Bournemouth is an important milestone. We are pleased to be providing the space for Regus’ first business centre in this location as part of their overall expansion. This letting also demonstrates Europa Generation’s ability to successfully execute the asset management of ancillary uses within the Fund to underpin the generation of attractive returns for our investors.”
Europa Generation was advised by Montagu Evans and Goadsby. Regus was advised by Doherty Baines.
Established by Alan Artus and Gareth Davies, Generation Estates have been active in the PBSA market since 2003, with experience covering all aspects of the development process, creation of operational management platforms and on-going asset management. During this period Generation Estates developed and operated over 5,300 PBSA beds with a value in excess of £1 billion. Along with Nick Kinder, Generation Estates established Generation Students LLP in 2016.