We are committed to socially responsible business plans. To find out more, read our cookie policy. commercial space Michael Riordan Managing Director, United Kingdom United Kingdom See All Contacts Contact Representative Back to all projects Cons. 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). 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, A Tale of Two Classes: Prime Office Supply in London and Paris, Gateway Cities and the Death of Information Monopolies. The Future of Commercial Real Estate in San Francisco Doesnt Look Good, 2023 Future Of Work Forecast: 3 Things CRE Players Must Do To Stay Relevant In 2023, The Office Space Sector Is Projected To See A Strong Fourth Quarter In 2022, Meet Flex Spaces More Chaotic Cousin: Gray Spaces, The Future Of Our Offices And Our Planet Hinges On The Real Estate Industrys Priorities, JLLs New Future Of Work Survey: The Next Few Years Are Crucial For Commercial Real Estate. Please enter your username or email address to reset your password. Castleforge Partners has invested over 500 million of asset value in the UK since its formation in 2010. Clients: Castleforge Partners, Clockwise. It was founded in 2010 by Brandon Hollihan and Michael Kovacs. 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. The first phase, completed in July 2020 created over 35k sq/ft of flexible office space in Leith, one of Edinburghs busiest commercial districts. Would you like to read more? We have been monitoring select markets where we think we can create a competitive advantage, though we are being judicious with our resources in doing so. 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. 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). Business Outlook. It is therefore often helpful to draw parallels to previous market cycles as a way to help us understand what may be happening now. A more localised approach is ideally suited to the current Covid-19 climate as people seeking flexible working closer to home becomes commonplace. 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. A typical white box lease we had completed at 58 Waterloo Street was at 25 per square foot over half a floor with 18 months of rent abatements on a 60-month lease, equating to a net effective rent of approximately 18 per square foot. COMPANY. The off-market transaction was arranged by Eastdill Secured. While we monitor performance on the operational assets, we are entering design stages for our fourth and fifth locations in Bristol and London, adjusting our deployment of Clockwise accordingly. 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. 75% Of Business Leaders Lack Data Needed For Crucial CRE Decisions. With the investment, Castleforge plans to create flexible workspace through its provider, Clockwise. As part of this engagement, Castleforge is implementing systems to monitor, measure and report sustainability performance to better understand and improve the environmental performance of assets. This . Castleforge Partners has acquired four offices across England worth a GDV of more than 175m. Despite Layoffs, Jobless Claims Fell Again Last Week, Bidens New Cybersecurity Strategy Puts Responsibility On Tech Firms, Judge Rules That Starbucks Violated Labor Law. We are a UN PRI signatory and a GRESB participant. Since launching in 2017 we've made it our business to anticipate the needs of our members and their companies from day one. Castleforge Partners's Clockwise at Edwards Pavilion has recognised at the Mixology Awards 2019 as 'Commercial Interiors Project of the Year over 30,000sq.ft.'. Castleforge Partners purchased the 197-bedroom hotel, located in the heart of the capital, from a private owner who had owned the hotel for 14 years. Our research shows that many of the. Recommend. MESSAGE. 2023 Future Of Work Forecast: Five Ways Tech Will Change The Ways We Work In 2023, 2023 Instagram Trends Reveal How To Market To Gen Z, 2023 Future Of Work Forecast: Focus Marketing On Values and Customer Experience, Not The Product, Want Your Coworking Newsletter to Actually Convert? A members' lounge is to be created within the former Council Chamber. Manchester Why should property investors consider Leith? Within 15 months of opening in May 2017, we were over 90% occupied on the private office space and over three times subscribed on the club membership which provides hot desking in the common lounge area. Our initial involvement with River House was in undertaking a pre-acquisition survey with input from our M&E engineers which included a reinstatement cost assessment.Following our client's purchase of the building, we were instructed to act as project manager on the refurbishment of the 80,000 sq ft property to provide a mixture of co-working space and private offices. 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. On the one hand, London is a volatile market and is not immune to economic cycles that create cap, We always overestimate the change that will occur in the next two years and underestimate the change that will occur in the next ten. Data 70,000sq.ft. Help? This sounds like a superior deal, but they still chose to take Clockwise at Savoy at the full rack rate, citing two reasons: first, their lack of desire to pay upfront the 50,000 or more for a security deposit and fit out cost and second, avoiding the need to find someone internally who would take the time to work with an architect and contractor to design and fit out the office as nicely as we had done for one of the 15-desk units at Clockwise. Read our policy. Castleforge Partners' Clockwise at Edward Pavilion in Liverpool was awarded the Mixology North Award for Commercial Interiors Project of the Year over 30,000sq.ft. Support new businesses to thrive and create positive socio-economic impact in our local communities. The clock reset to 20 seconds and Scherzer was already in the stretch. 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. London-based property investment firm Castleforge has announced the acquisition of five multi-let office buildings on the historic Koninginnegracht in The Hague as part of its first expansion into the Netherlands property market. In April 2019, it was announced serviced office provider Clockwise would be the first occupier at the project. 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: . While US real estate outperformed in recent years, all investors know that past performance says little about future returns, and the next decade may look very, The internet has already changed the lodging sector in meaningful ways. Rapid Work Style Shifts Are Tanking Tax Revenues Can City Planners Catch Up? However, we believe this tool enables us to create complementary portfolios in key markets where we can maximise our operational advantages and maintain a defensible portfolio mix of tenants. Bremen has a thriving economy, with a generation of young professionals and start-ups who are increasingly seeking flexible-office models as opposed to the usual traditional offering. Completion date: 2022. The Million Dollar-Mistake Businesses In California Cannot Afford To Make: Compliance Deadline Approaching! We act as a trusted real estate investment partner to provide consistent returns while making a positive impact in the communities in which we invest. Log in first (top right of the screen) or take a trial. E1 5LP, Work.Life PROPERTY investment firm Castleforge Partners today (November 13) announced the acquisition of Broadwalk House, a corporate office building in Southernhay Gardens, Exeter. A Returning Opportunity in the London Office Market? 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. HR Professionals Are Burned Out. 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. When doing like-for-like comparisons of serviced office product, one of the most interesting things we have found was that while serviced office as a product is far less developed and sophisticated on much of the continent when compared to UK regional cities, the serviced office desk rates are often higher than they are in UK regional cities. This attention to detail dovetails with the services that PMP provided to deliver Clockwise Commercial Quay for Castleforge Partners. Mountbatten House, home to Clockwise Southampton, is a new, flexible co-working space designed to encourage members to interact, network and socialise. Castleforge has been repurposing parts of its existing UK portfolio as serviced space since 2018. Marginal fit out costs and exit yields must be considered in the round as well, but we have calculated that the increase in net effective rent more than compensated for either of these increases. 685 1784 92. Initially, they asked for a small discount of 5-10% in return for signing up to a two- or three-year term rather than the standard month-to-month contract that we offer. Clockwise Commercial Quay is their 4th development under this brand and the Client was keen to push the design to new and higher standards whilst maintaining a viable budget. What are the benefits of a serviced office rental? Developer Castleforge Partners is this week offering 70,000 sq ft of office space in Liverpool's Royal Albert Dock. Virna Asara Editor Profile Events You can unsubscribe or manage your preferences at any time. 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. Clockwise is headed up by COO, Alexandra Brunner. 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. VISIT CLOCKWISE Mid-market Residential Management Professional, responsive, corporate landlord enhancing the tenant experience Standardised, high quality product Modern units rented at affordable levels Increased operating and management efficiencies Locations around key employment hubs in undersupplied locations VISIT OCASA 42-46 Princelet Street From modest beginnings in Glasgow, we currently operate a number of locations up and down the UK with many more openings in the pipeline. Moving forward, for many companies flexibility is going to be key when it comes to office space leases. Status: Complete. PROPERTY investment firm Castleforge Partners has announced the acquisition of its first office building in Germany, in the historic old town of Bremen. Here,, At Castleforge we foster an environment that encourages continued learning and development of each member of staff. Ambient Scenting Makes Sense For Coworking Management. 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. Prior to this, Lerche was Director of Asset Management at Cording Real Estate Group where he managed multiple office assets across Germany, and Partner at real estate debt fund Bright Capital. City-sized Buildings Are On The Way. November 4, 2021 | 7:03 AM. Well make sure everything works, so they can do their best work. How Will The Line Change The Future Of Work? Well start by laying out that narrative, since it is crucial to understanding the rise, Our 2021 white paper takes up a very basic question:why do people live where they do? It plans to use its flexible workspace provider Clockwise to deliver a positive experience for occupants as well as attractive returns for its investors. Sectors Learn more about the core sectors in which we work, each with a unique set of challenges that we account for in our approach. Most Popular Yorkshire workplace introduces four-day working week with same pay - but staff. We recognise that we need to advance our sustainability maturity and put a series of key enablers in place. Hawkins\Brown. 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. We also keep in mind that Clockwise is not one fits all solution, and so we are careful to select the type of buildings and locations that best suit this offering while also limiting liquidity risk on exit. NAME. Company status 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 . 42-46 Princelet Street InSection 1, we sketch, Economic historians tell us that the Black Death helped birth the domestic silk industry in Europe. 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. 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. This first iteration of our Positive Impact Strategy details our pledge for the future and as our business grows, so will our approach. Through Clockwise, Castleforge plans to meet the increasing demand from companies in the four cities for alternatives to traditional fixed-term office space leases. 3233596, VAT No. PROPERTY investment firm Castleforge Partners has announced the acquisition of its first office building in Germany, in the historic old town of Bremen.. For those who want to drop in and drop out, this is their office for the day. Castleforge acquires Linley House. LONDON-based property investment firm Castleforge Partners has appointed Christian Lerche to head its asset management in mainland Europe and to support further European growth, following its recent expansion into the German commercial market. Castleforge Partners Ltd. Castleforge Partners Limited operates as a real estate investment firm. These new acquisitions signal continued confidence from Castleforges investors in secondary city growth, even amid COVID-19 uncertainty. Moving forward, for many companies flexibility is going to be key when it comes to office space leases. 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. This website uses cookies. 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. 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. We implement green energy and recycling practices. For Media Enquiries, please contact: castleforge@higginsonstrategy.com +44 (0)786 605 1626. ft. of CAT A space which included circa 22,000 sq. 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, U.K. Planning System Pitfalls and Opportunities. Our readers will know that we have been covering the WeWork story for a number of years now and that we have been sceptical, at least to the extent that WeWorks business model was a poor bargain for landlords and likely obscured a reduction in net absorption in central London, Over the past 20 years, the UK property industry has seen a substantial rise in construction costs. Flexible workspace provider Clockwise will manage the four new sites, located in secondary cities across England. A unique addition to Clockwise Commercial Quay is the bespoke bar and microbrewery and a commercial kitchen within the Grade A Bonded Warehouse. The investor is . The value of the deal was undisclosed. Based in Germany, Lerche joins Castleforge fromCapitaLand International where he was Director of Portfolio Management. 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. Can COVID Booster Shots Save Your Business? Castleforge, a vertically integrated, operationally focused private equity real estate manager targeting the UK and select European cities, today anno. They told us that while they do have space already around the area, this was for a specific project team. Approach; Culture; Impact; Insights; Contact; Investor Login 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. 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. London We provide flexible workspaces with all the functionality, simplicity and service, community and connectivity you need to make it happen. The building will be fully refurbished to enable . 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. If economic fundamentals continue to soften, liquidity problems could turn, The London-focused office REIT Great Portland Estates (GPE) recently made an announcement that caught our attention. Castleforge Partners has acquired four UK sites for a 175m (192m) office development. Website. LOCATION Leeds . Affordable housing Europe: Should investors be part of the solution? We are thrilled to be contributing to these vibrant professional communities in every corner of the country.