In apresentation of April 2022, the company declared that all its investment activities would be guided by a new mandate going forward:If not Flex or HQ repositioning [] [then] exit.GPEs latest annual report describes, In this paper, we lay out the case for investing in European real estate, particularly relative to US real estate, in the coming decade. Founded in 2010, we are a leading UK-based private real estate investor that combines research-led investment themes with vertical integration and in-house operating platforms. Whether youre expanding your team or chasing your dream. Clockwise's owners, Castleforge Partners, has appointed Evora, a leading sustainability consultant, to help develop and implement a sustainability strategy framework for their business and investment portfolio. LOCATION Mountbatten House, 1 Grosvenor Square, Southampton, SO15 2JU. Castleforge said the investment comes as the company looks to expand its foothold in the UKs secondary cities which the firm has identified as having great potential to grow as national and regional business hubs. His experience will be instrumental as Castleforge looks to expand its reach across the German commercial market, with further purchases to be announced over the next 18 months. Whether you need to meet face to face, dial in, log on or do it all at once. The heritage project will now serve as Castleforge's official headquarters, with additional space for its flexible workspace provider, Clockwise, making room for over 60 employees. M2 1DH, We use cookies to provide you with a great experience and to help our site run effectively. Clockwise Bristol is the second Grade II listed building that the business has redeveloped following the opening of Edward Pavilion in Liverpool's Albert Dock, . Across Europe and the US, real estate markets are strained today to a degree that we have not observed since the global financial crisis (GFC). Why should property investors consider Leith? PMP enabled this through our multi disciplinary services working collaboratively with the design team and the client. 20-strong delegation from Property Agents Independent attended launch of 70,000 sq ft office scheme at Edward Pavilion in Liverpool's historic Royal Albert Dock. Registered Office: 1 Kentish Buildings, 125 Borough High Street, London SE1 1NP, Germany eases tax on Spezialfonds investing in renewables, Ivanho Cambridge, Belfius, Belgiums SWF back co-living firm Cohabs, Patrizia Infrastructure acquires Italian bio-LNG producer Biomet. Since its inception in 2010, Castleforge has invested approximately 1 billion, gaining a strong reputation for value-add investment in office and residential real estate across the UK and Europe. The investor is . Since launching in 2017 we've made it our business to anticipate the needs of our members and their companies from day one. But the Black Death led to a consolidation of European wealth, which funded fresh investment in fixed capital, enabling local entrepreneurs to produce silk, Howard Marks is worried that value investors have lost the plot. As Castleforges sustainability strategy develops, we will work closely with them to align our approaches wherever possible. Since 2000, construction costs have outstripped inflation by nearly two times. On the other hand, many large corporations do have real estate experts in house and do have a significant amount of balance sheet cash on hand, so still do take traditional leases. STATUS Completed. This . At the heart of Southampton's Business District, this prominent office building boasts occupiers such as Savills, Mott MacDonald, Norweigen Cruise Line Group, Benefex, Hays, Clockwise, Rubix Business System, VOA, Health Care Resourcing Group and Ocean Network Express. Airbnb pulled millions of new suppliers into the market, and pricing algorithms, As weve discussed before, the office has changed a great deal in the last quarter-century. Building value by improving the connection between people and real estate | Founded in 2010, we are a leading UK-based private real estate investor that combines research-led investment themes with vertical integration and in-house operating platforms. EMAIL. Spaces that are perfect for a discussion with your board or a workshop with the whiteboard. Approach; Culture; Impact; Insights; Contact; Investor Login Affordable housing Europe: Should investors be part of the solution? Furthermore, we noticed that acquisition office values per square meter in many cities on the continent are not too far apart from what they are in UK regional markets. As a landlord we also possess more negotiating leverage given that we are reducing the number of vacant floors available in buildings where we deploy Clockwise, creating some scarcity of space for these larger tenants. Moving forward, for many companies flexibility is going to be key when it comes to office space leases. 42-46 Princelet Street The works achieved practical completion in April 2021, on time and on budget . Castleforge Partners Clockwise Cartwright Pickard Hawkins/Brown Architects MoreySmith Atelier Works Studio Fernando Gutirrez GBS Fine Art Firms, Firm Listing, Timothy Groom Design Consultancy, London, Wayfinding, Information Design, Product Design, Timothy Groom Design Consultancy New Member Offer Upcoming SEGD Events Email this page Additional phases are due to be released. Since launching in 2017 weve made it our business to anticipate the needs of our members and their companies from day one. Most Popular Yorkshire workplace introduces four-day working week with same pay - but staff. The first phase, completed in July 2020 created over 35k sq/ft of flexible . Under Castleforge's Clockwise co-working brand, office tenants will be able to rent a private office, dedicated desk or choose club membership, a hot-desking model which provides start-ups with access to the benefits and facilities of more established businesses at a lower cost. Across Europe and the US, real estate markets are strained today to a degree that we have not observed since the global financial crisis (GFC). Jenny Emslie, founder and managing director at Sunshine Communications, said: "Commercial Quay is an ideal fit for us. It was founded in 2010 by Brandon Hollihan and Michael Kovacs. The investment comes as Castleforge looks to expand its foothold in the UKs secondary cities, which the firm has identified as having great potential to grow as national and regional business hubs. From modest beginnings in Glasgow, we currently . Interview: Stefan Mchler, Swiss Life Asset Managers, Top 150 Real Estate Investment Managers 2022, Top 100 Infrastructure Investors 2022: Survey, Castleforge raises 270m for third value-add real estate fund, Brookfield and Copley recapitalise UK logistics portfolio sold by Tritax, Indiana PRS supports new Carlyle Europe fund with $75m commitment, EQT to buy South Korean security operator SK Shieldus, CIP and Viviid partner to develop 1.8GW renewable energy projects in India, Singapores GIC to invest 1bn in EDP Renovaveis. Many have the same number of employees that they did a few years ago, and even if they are growing, it is not at an exponential pace. To find out more about Clockwise, visithttps://work-clockwise.co.uk/. As such, our goals will be underpinned by: Help tackle the climate emergency by creating carbon neutral workspaces across the UK, becoming a carbon positive business by 2030. If you continue to use this site we will assume that you are happy with it. It may therefore not come as a surprise that due to our experience with Clockwise, weve updated the way we think about how we lease smaller floorplates (below ~5,000 square feet). In 2007 Tonstate Hotels bought the hotel with a funding package from Bank of Scotland Corporate in a deal believed to be in the region of 30m. Brandon Hollihan, founding partner of Castleforge Partners, said: Select secondary cities in the UK are continuing to grow as business hubs for young professionals and exciting start-ups. Flexible workspace provider Clockwise will manage the sites to "deliver a positive experience for occupants and attractive returns for its investors". Latest fund raise exceeds the235m raised by thepredecessor CFP II fund in July 2016, Tritax Big Box REIT sells three non-core UK logistics warehouses for 125m, Fundraising details for Carlyle Europe Realty are currently unknown, EQT Infrastructure VI to buy 68% stake fromSK Square andMacquarie forKRW2trn, Partnership will initially focus on developing two onshore wind projects with a combined 500MW capacity, GICs equity is part ofEDPs plan to invest 21bn into renewables by 2026, Copyright 19972023 IPE International Publishers Limited, Registered in England, Reg No. The London-based private equity real estate investment firm said it has bought Yorkshire House in Leeds, Linley House in Manchester, Broadwalk House in Exeter, and Mountbatten House in Southampton. Website. London Moreover, few have tens of thousands in cash lying around to easily pay the upfront costs to fit out an office, especially considering that this space may become obsolete faster than anticipated if the tenant undercooks their internal growth estimates. It plans to use its flexible workspace provider Clockwise to deliver a positive experience for occupants as well as attractive returns for its investors. Embarking on a new partnership with Castleforge Partners, Sharkey has been appointed to undertake the 3m reconfiguration of the Category A listed Commercial Quay, Leith into Edinburgh's latest shared workspace by Clockwise. Formed by Castleforge Partners, a private equity real estate investment firm which owns and operates its spaces, Clockwise is backed by a powerful property portfolio. PMP provided complete property investment solutions for Castleforge through Project Management, Contract Administration, Principal Designer and Cost Management services. Brandon Hollihan, Founding Partner of Castleforge Partners said: We are thrilled to welcome Christian during this exciting period of growth for Castleforge. Can COVID Booster Shots Save Your Business? It captures our four key goals Climate Change, Circular Economy, Health & Wellbeing and Socio-Economic Impact and details a roadmap for achieving them. We invest in real estate located in and around select UK and European cities. By continuing to browse our site you agree to our. Castleforge acquires Linley House. Castleforge Partners Limited is authorised and regulated by the Financial Conduct Authority. Following the success of our flexible workspace provider Clockwise in locations across the UK, we are now looking forward to refurbishing the building and saying Willkommen to our first Clockwise members in Bremen., Castleforge Partners was advised on the acquisition by IC Immobilien Gruppe. Manchester To date, Castleforge Partners have invested over 500 million of asset value throughout . 3233596, VAT No. Proactively support the UKs levelling up agenda and help reduce inequalities. What Does a Serviced Office Correction Look Like? Brandon Hollihan, Founding Partner of Castleforge Partners said, We are thrilled to announce our first acquisition in Germany as we look to invest significantly in more secondary cities across the country over the next 18 months. However, we learned that many of these tenants immensely value the convenience of serviced office space that is already fitted out. Suddenly, Martin stopped and turned to Mike, remarking with some surprise even the adverts are all in English! Of, Recently, you might have heard us discuss how we think that leasing agents are significantly less incentivised at the individual level here in the UK than they are in many other real estate markets around the globe. Of course, were always keen either to challenge, At our annual meeting Mike discussed at length one of the very simple but powerful metrics we use to understand the rental cycles in London: the amount of space under construction. London property investment firm Castleforge Partners has acquired the 97-bedroom hotel for an undisclosed sum. Links. We are committed to socially responsible business plans. A phased programme of the works allowed the Client to release sections of the building to be used and generate revenue as works commenced in other areas. We believe that this rise in construction costs has led to a secular increase in the equilibrium level of rents across the property spectrum as the replacement cost of buildings has increased. The building will be fully refurbished to enable the firm to introduce its flexible workspace provider, Clockwise into the space, offering an alternative to traditional fixed-term offices. Rather than provide a white box for tenants to take on traditional leases where they themselves have to fit out their space, we have begun to also offer a fit out option on the smaller floorplates to a turnkey stage (meeting rooms, furniture, desks, toilets and all) where a tenant can sign the lease and begin working the very next day. We strive always to be at the forefront of change, developing in-house capabilities and a thoughtful view on the world that together create a sustainable competitive advantage. Sign up to our weekly round-up of plastic free stories. For more information visit www.castleforgepartners.com. Company status Though weve grown, weve maintained that spirit which allows us to be thoughtful, rigorous and innovative in our approach. ft. of serviced office space operated by Clockwise. Fun Promises Wont Get Your Employees Back To The Office, 5 Brain-Boosting Snacks To Power Your Work Day. We strive always to be at the forefront of change, developing in-house capabilities and a thoughtful view on the world that together create a sustainable competitive advantage. Clockwise will cater to businesses of all kinds, ranging from freelancers to SMEs, whilst also regularly hosting . Moving forward, for many companies flexibility is going to be key when it comes to office space leases. Pros. He struck Adams out. U.K. Planning System Pitfalls and Opportunities. Online travel agencies (OTAs) allowed buyers to sort thousands of competing products and compare prices. With recent political movements drawing greater attention to the potential impacts of human activity on climate change and governments coming together to discuss ways to reduce and mitigate these impacts, it is no surprise that ESG issues are at the forefront of the minds of stakeholders in the property industry. Flexible offices platform Clockwise has announced its second London location, a 73,000-square-foot office in Bromley's Old Town Hall, will open in spring 2022. The firm has identified a clear investment opportunity in so-called secondary cities across the country and will look to expand its reach across the German commercial market with further purchases to be announced over the next 18 months. Can A.I. We provide spaces for the local community and key workers. High end fit-out of 6 floors including reception. We use cookies to ensure that we give you the best experience on our website. workclockwise.co.uk. Our vision is for a future in which every work environment and experience has a positive impact for people, places and the planet. Filing history for CLOCKWISE RIVER LIMITED (NI654331) People for CLOCKWISE RIVER LIMITED (NI654331) Charges for CLOCKWISE RIVER LIMITED (NI654331) More for CLOCKWISE RIVER LIMITED (NI654331) Registered office address 48 - 60 High Street, Belfast, United Kingdom, BT1 2BE . A couple weeks ago,, As we have discussed in previous letters, over the past 20 years the UK property industry has seen a substantial rise in construction costs, which has lead to a large and sustained increase in the replacement cost of buildings. Strive towards zero waste and use of sustainable materials, by embedding circular economy principles into the way we design, operate and maintain our spaces. Landlord Castleforge Partners bought the development in Edinburgh's popular Leith shore area late last year. The occupational cost of this would have been ~45,000 versus ~55,000 per year in Clockwise, a 20% saving for the tenant, while the initial rent free provided by us would have covered their fit out cost, keeping the overall capital cost the same over the three years in a demonstrably "better" building in a core CBD location. Over the last few quarters, borrowing costs have surged, and liquidity has started to evaporate. Through Clockwise, Castleforge plans to meet the increasing demand from companies in the four cities for alternatives to traditional fixed-term office space leases. To achieve this vision, we have created a framework to guide our actions. Help? Biophilic design and employee wellbeing has been prioritised throughout the design by bringing nature into the heart of the project. Lerche brings20 years of experience in the real estate sector, leading value-added asset management for a range of private equity and international institutional investors, and working closely with stakeholders to steer and reposition portfolios. Be the first to find this review helpful. And as he walked into the buildingthen named after the man who the last, A recurring theme when we here at Castleforge attempt to prognosticate over the central London office investment market is that it is very hard to predict the trajectory of cap rates. The first phase, completed in July 2020 created over 35k sq/ft of flexible office space in Leith, one of Edinburghs busiest commercial districts. Serviced Offices, Co-working & Meeting Rooms | Clockwise Traditional leases Longer commitment - leases lasting an average of three years Large initial investment in CAPEX Project management required Lag between signing to move in Running costs and utilities paid separately, multiple suppliers and management required We note that the likes of Great Portland Estates and Derwent London, who often deal with smaller floorplate occupiers and who have had a more difficult time recently as those smaller occupiers have used serviced office as a substitute to traditional leases, are themselves fitting out the space to a turnkey finish so as to win back tenants from the likes of WeWork and The Office Group. E1 5LP, Work.Life As landlords, this ability to provide both traditional leases and flexible space in the same building has served us very well, and sure enough this same tenants interest was piqued, and they are seeing what A hot-desk for the freelancer, satellite worker or lone wolf who needs space to focus and fire up their next project. Dentons Europe served as legal advisor for Castleforge Partners while Drees & Sommer were mandated as technical advisors. M2 1DH, We use cookies to provide you with a great experience and to help our site run effectively. The Most Important Coworking Perk Of 2023: Brain Breaks, 6 Benefits Of Embracing AI In Your Coworking Space, Bond Collective Inaugural NYC Location Closing After Landlord Battle, Revive Your Coworking Space With A Wellness Program, Culturally Diverse Workforces Require Bespoke Mental Health Support, Dispelling the False Narrative About Working Two Remote Jobs, 4 Challenges in Navigating Remote Work Layoffs, Level Up To Reduce Stress How to Convince Your Boss Video Games Belong At Work, Programming Strategies For A Happy Workplace, The Rise of Work From Home Jobs For Disabled Adults: A Powerful Solution For Inclusive Employment, How To Create Office Environments That Fuel Both Introverts and Extroverts. He is also a former Director at Tristan Capital Partners. I look forward to bringing my experience to the firm during this important time to support further growth of the business., Sign up to our weekly round-up of plastic free stories. These tenants are not equipped to become temporary real estate experts by finding and negotiating with a contractor and architect to fit out their office space. Upon full stabilization to an average 90% occupancy level, we are a net EBITDA per square foot on Clockwise that is typically 76% above market rents versus an overall cost basis to achieve this that is only 23% higher than traditional fit outs. Fill out the form below to get access to the full document. Three Culture-Building Steps To Create A World-Class Company, How To Manage Partnership Risks In The Future Of Work, Dr. Gleb Tsipursky CEO Of Disaster Avoidance Experts | What It Takes To Be A Hybrid Leader, HR Leaders Share How New Salary Transparency Laws Have Changed Everything. A party of leading commercial property agents have come to Liverpool to see what the city offers to potential occupiers. Sustainability is ingrained in our corporate vision and values, our culture, and everyday actions. We revitalise heritage buildings and local landscapes. As each of these services were delivered by PMP, decisions and actions were achieved in a timely manner which in turn allowed the development of the brief and the construction phase to complete efficiently in terms of cost and programme, even during the Covid-19 pandemic and national lockdown. We use cookies on the site to improve your experience. E&Y has already gone from zero flexible office space to 10% of their portfolio in the past two years alone, but understands that in order to be agile and efficient with the use of space they will need to triple the amount of flexibility they currently have. We invest in real estate located in and around select UK and European cities. Distressed Opportunities in European Real Estate, The Winning Bookends of the Office Market, Even Bits Need a Place to Work: the Rise of the Data Centre, Why Youd Want to Live Here: Spatial Equilibria from the Industrial Revolution to the Information Age, Gateway Cities and the Death of Information Monopolies. The 5,000 sq m Martinistrasse building is currently at 63 per cent occupancy, and was acquired in an off market deal. PHONE. This attention to detail dovetails with the services that PMP provided to deliver Clockwise Commercial Quay for Castleforge Partners. We recognise that we need to advance our sustainability maturity and put a series of key enablers in place. To receive priority invites and tips on how to communicate purpose please add your email. Further launches for 2021 include Manchester, Exeter, Bristol and Southampton, as well as the opening of our first space in mainland Europe, Clockwise Brussels. Castleforge Partners has acquired four UK sites for a 175m (192m) office development. Martin Claisse - Castleforge Partners: Project Manager: Adrian Poucher - Malcolm Hollis LLP: Architect: John Lee - Povall Worthington: Cost Consultant: Michael Riordan - Linesight: M&E Engineers: Thomas Lehd - Lehding Services Design: Structural Engineers: . The Firm invests in the commercial, residential, retail, industrial, and hospitality sectors . traditional leases over certain floors would look like. The firms in-house research has predicted a rise in popularity in these regions as working and living trends continue to evolve. Our team has a proven track record of investing throughout the capital structure and across asset classes, adding value with operational expertise. This strategy was proposed by PMP to allow our Client to maximise their investment as early in the development as possible and allow them to market the offices to attract new users and members and showcase the best of the Clockwise offering at the earliest opportunity. NAME. Lower commitment - from monthly rolling contracts, All inclusive one fee covers everything, Spaces designed for collaboration, opportunity to connect with members, Longer commitment - leases lasting an average of three years, Running costs and utilities paid separately, multiple suppliers and management required, Independent working with little-to-no shared space. The biggest challenge presented was that the existing M&E and legacy issues were not compliant with current regulations, resulting in exploratory works and a complete strip out of the service installations. Clockwises owners, Castleforge Partners, has appointed Evora, a leading sustainability consultant, to help develop and implement a sustainability strategy framework for their business and investment portfolio. Castleforge has purchased Yorkshire House in Leeds, Linley House in Manchester, Broadwalk House in Exeter, and Mountbatten House in Southampton. This year we opened our first building in London, Wood Green with a second planned in Bromley. Provide spaces and services that enhance the productivity, health and wellbeing of colleagues and members. A truly flexible approach and varied membership packages has attracted a client mix of entrepreneurs, start-ups, scale-ups and established businesses from a cross section of sectors. We did finally have the opportunity in 2017 to carry out the main idea of our original business plan by converting a section of the empty office space in Savoy Centre, Glasgow into a serviced office product. Manchester What are the benefits of a serviced office rental? Castleforge Partners has invested . Brandon Hollihan, Founding Partner of Castleforge Partners, said: Select secondary cities in the UK are continuing to grow as business hubs for young professionals and exciting start-ups. Mountbatten House, home to Clockwise Southampton, is a new, flexible co-working space designed to encourage members to interact, network and socialise. With the investment, Castleforge plans to create flexible workspace through its provider, Clockwise. Ambient Scenting Makes Sense For Coworking Management. The building will be fully refurbished to enable . Castleforge Partners, based in London, has acquired an office building in the town of Bremen, which it says is an "ideal" location for its first German acquisition. By owning the properties outright, Castleforge can offer Clockwise members more flexibility and shorter-term contracts without facing pressure from external landlords. Adam Riggs CEO Of Frameable | Can a Virtual Experience Really Replace the Office? If you continue to use this site we will assume that you are happy with it. COMPANY. This website uses cookies. For example, Mike led the discussion that saw 160 Aldersgate leased to DLA, We recently read with some amusement and amazement an article in a UK property industry magazine, using research contributed by a UK property company, about a new way we should all be looking at office demand: net absorption. Based in Germany, Lerche joins Castleforge fromCapitaLand International where he was Director of Portfolio Management. With extensive experience in hospitality and real estate, she is perfectly positioned to lead the business through this . How Will The Line Change The Future Of Work? You can unsubscribe or manage your preferences at any time. #castleforgepartners #england #GDV #offices Shared by Brandon Hollihan Enjoyed talking to Sky News. Developer Castleforge Partners is this week offering 70,000 sq ft of office space in Liverpool's Royal Albert Dock. The business plan worked so successfully that while we originally only fitted out approximately 30% of the office building as a Clockwise trial, we are now converting the majority of the office tower to Clockwise serviced offices. Castleforge Partners is a private equity real estate investment firm based in London, UK that has invested approximately 1 billion of asset value throughout the UK and Europe. Status: Complete. Property investment firm Castleforge Partners has acquired four major office spaces across England, in Leeds, Manchester, Exeter and Southampton. Welcome to IPE Real Assets. With the understanding that innovation and enterprise is not limited to Central London or gateway cities, and a real estate strategy that reflects this, Clockwise is well placed to support regional SMEs achieve their potential. In this spirit, we thought we would take the next couple of pages to review what weve learned in our experiences so far with our Clockwise serviced office product. In his January 2021 memo, Something of Value, he writes that their obsession with cheapnessor more specifically, with a nave definition of cheapnesshas confounded their ability to spot genuine value. Through our flexible workspace provider Clockwise, we are very well positioned to offer this type of bespoke service to our members.. For those who want to drop in and drop out, this is their office for the day. Copyright 2023 All Rights Reserved PMP | Registered Address: 115 George Street, Edinburgh, EH2 4JN | Registered Company Scotland SC395242. Castleforge Partners has created new office space at Edward Pavilion . These new acquisitions signal continued confidence from Castleforges investors in secondary city growth, even amid COVID-19 uncertainty.

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