The building will be operated as high-quality co-working accommodation – much needed in Richmond.
Sovereign Gate totals 24,377 sq ft and is prominently situated in the heart of Richmond town centre. Following its acquisition in 2019, Watkin PV undertook a comprehensive refurbishment with the building now providing best-in-class space. The 5-storey building benefits from a newly remodelled reception and streetscape, contemporary exposed services, secure cycle storage, showers on each floor and an excellent EPC ‘A’ rating.
Watkin PV is the private property investment vehicle of the Watkin Jones family, who have an over 200-year industry track record.
Sior Hayward, Investment Director at Watkin PV commented: “We are delighted to have secured this letting, the largest in Richmond in over 5 years. The deal justifies our acquisition and investment in repositioning the building and we are delighted to welcome Boutique to our growing portfolio of occupiers.”
The Boutique Workplace Company are known for providing boutique, design-led, unbranded serviced office space in London and surrounding since 2008. Sovereign Gate is one of their largest workplaces in the boutique collection, and their vision for the building is to transform it into a high quality co-working environment. The building will offer private office space and fully fitted floors to accommodate SME’s with 2-100+ employees. There is also access to the The Boutique Members Club from only £70pcm for freelancers, giving access to a beautifully created business lounge with barista style coffee on demand and high-speed WiFi as well as access to 15 other lounges in London and Birmingham. There will also be a variety of creative thinking pods, phone booth, breakout space, meeting rooms, a spin room and it will be dog friendly!
Daniel Wheble, Chief Executive Officer of The Boutique Workplace Company, commented: “Offices aren’t becoming less important to businesses, but the ways in which we use them are shifting. No longer a default work location for the 9 to 5, workplaces are now hubs focussed around employee wellbeing as well as office space. They are spaces for collaboration and inspiration in and outside of zone one. As part of that, the modern office needs to work with all facets of a person’s life factoring in the requirement for remote working and the ability to work closer to home some days of the week. We identified that Richmond was always a popular location for flexible workspace but there has never been a design-led workspace offering with full amenities where employees can feel inspired and have everything they need from the office”.
Bray Fox Smith and Avison Young acted on behalf of Watkin PV. Will Kinnear of HEWN acted on behalf of The Boutique Workplace Company.