BT has signed a deal with United Business Centres plc (UBC), one of the UK’s fastest growing serviced office providers, to put business centres in strategic locations totalling 99,000 sq ft across four sites in Fleet, Bracknell, Gloucester and Telford. The Agreement, with GVA Grimley and Telereal representing BT, sees UBC operate its serviced office centres at the sites via a Management Agreement with BT. Fit out at all four locations has already begun and the new centres are expected to be open for business within a few weeks.
Matt Musson of BT Property commented: “The relationship with UBC marks a new development for us, enabling us to maximise occupancy of our portfolio and generate a return via a management agreement.”
UBC will take 17,000 sq ft in Fleet, 34,500 sq ft in Bracknell, 23,000 sq ft in Gloucester and 24,500 sq ft in Telford, converting open plan spaces into smaller units, targeting primarily SMEs and growing businesses adding up to 1,500 workstations to UBC’s portfolio.
Philip Grace, Managing Director at UBC, said: “We are delighted to be able to work with BT in expanding our nationwide network of centres. The new sites have given us access to large areas of premier space in prime locations that are suitable for converting into smaller units, significantly enhancing the strength of the UBC offer.”
Kevan Probert, regional Property Disposal Manager for Telereal, added: “The serviced office market is a growing sector and this agreement enables us to capitalise on that trend. It ensures that BT’s portfolio is optimised and opens up a new avenue for future developments.”
Bruce Hibbert of GVA Grimley concluded: “As sole Agent for BT in seeking to dispose of surplus office space, we are delighted to have been able to attract UBC. We are confident that following fit out, these buildings will rapidly attract occupiers and become income producing for BT.”
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