Us&Co was set up by the Artesian management team who created Argyll Business Centres.
The first building was purchased in 2014 and following a fully comprehensive refurbishment including a ninth floor extension, the flex office opened in January 2017. Within a year of opening, the centre reached maturity and has maintained this occupancy to the present day.
The second building to be opened was purchased in 2016 and planning permission was subsequently obtained to increase the centre’s area by over 50%. Us&Co Stratford opened in January 2020 and reached maturity in 2023 due to the restrictions of Covid.
The third Us&Co building was purchased in Dublin in 2018 and opened in January 2019 after being fitted out as a flex office. The building became mature within a year and produced an EBITDA over approx. 30% more than the rack rent. Us&Co Dublin was sold in 2022 to a high net worth investor.
Argyll was created in 1998, by the management of a property fund, Artesian.
There were very few business centres (the original name for Flex offices) and the market was dominated by Regus. The original concept was to buy period buildings in the best areas of the West End of London. The first centre was opened in St James’s Square followed by another building in Cavendish Square in the following year. Four more building were purchased and fully refurbished over the next few years including the building that the Duke of Westminster was born in. Argyll Business Centres was sold in 2004 and is still operating successfully in London.
A tired 1980s, 42,000 sq ft office building bought in June 2013 for £16m
Planning permission was obtained for expansion to 74k sq ft, a c. 80% increase on the existing NIA
The building was sold to HB Reavis in Sept 2014 for £29m (with benefit of planning permission).
The project generated an ungeared IRR in excess of 36%.
We purchased the long leasehold interest of an office building from the Fishmongers' Company in 2004. Planning permission was obtained to convert the upper floors into residential with the ground and basement floors as retail. The retail was let to Tesco and William Hill and the upper floors were sold to a residential developer. For Slow Horses fans, the building is located opposite their offices!
