Avanta target a million sq ft to double London serviced office portfolio

Serviced office company Avanta is planning a major programme of expansion which could bring over one million sq ft of office space under their management over the next two years.

Avanta already has a rapidly growing portfolio of serviced office suites, opening seven new locations across the West End in the two years since the company was formed. Following the success of these centres - each enjoys an average 85% occupancy rate six months after opening - Avanta is aiming to double this number in the next two years.

Avanta has opened three new business centres in recent months at prestigious addresses across the West End; 18 Hanover Square, 48 Charlotte Street and 31 Southampton Row, expanding a portfolio which already comprised of 83 Victoria Street, 131 Great Titchfield Street and 10 Margaret Street and One Hammersmith Grove. The company is now actively seeking prime locations across London which can deliver up to 100,000 sq ft of office space.

The primary appeal of an Avanta serviced office to the occupier is that they offer highly flexible, unbranded office space, with advanced and competitively priced business technology, tailor made to meet the requirements of the company, whatever shape or size.

Managing director David Alberto said: "We’ve enjoyed rapid growth since opening our first London serviced office less than two years ago, and now believe we are in a strong position to capitalise on the occupier demand for unbranded, competitively priced, flexible business space."

A key component of this expansion strategy is working in partnership with landlords and developers to develop their turnover rent model, where space is leased at a discount of market rent in return for a share of the turnover from its managed business space. This arrangement can deliver the landlord as much as 120% of the market rent. Avanta has recently agreed leased space from St Martins Property Corporation at One Hammersmith Grove, and with Holborn Links Ltd at 31 Southampton Row, using this model.

Avanta is developing a business centre management model for corporate occupiers and fund managers which would allow flexibility in their portfolio and deliver revenue from their properties. The company is promoting to corporate occupiers and landlords a model for individual buildings and portfolios which allows property owners to run their buildings like business centres. The cost benefits of this model are delivered through flexibility of occupation, minimising capital expenditure and depreciation costs, and generating revenue from surplus space.

Avanta’s expansion plans embrace the launch of two new products – Avanta Virtual PA London and Meeting & Training Rooms London. These services are available across all of Avanta’s London serviced office business centres.

Designed to offer businesses a complete package of office support but without the actual office space, Virtual PA can deliver a full range of business centre facilities to home workers, business start-ups, professionals on the move, or larger organisations seeking a market presence in the West End.

One of the many benefits businesses can enjoy as part of Avanta’s virtual office community is having a prestigious London address at one of Avanta’s premier London business centres, without paying the required rent to physically occupy the building. Mail is handled by Avanta staff and is forwarded on the same day as delivery. Clients can even enjoy their own London telephone number and call management service, and have access to Avanta’s experienced office back-up support team.

Aligned to the launch of the Virtual Office PA, is Avanta’s meeting and training room service (MTR). For companies who wish to hire space for a board away day or brainstorming session, a day’s interviewing or seminar and training, Avanta can offer meeting rooms complete with audio and video conferencing. Also parts of the package are catering and secretarial services, while specialist meeting coordinators are available to take care of the smallest detail.

ENDS

Notes to Editors

Avanta is an emerging name in the serviced office market, with a rapidly growing portfolio of office suites in prime locations across London. The company was formed in 2004 by David Alberto, previously with Regus and former Managing Director at MWB Business Exchange. Avanta can offer highly flexible, unbranded office space, with advanced and competitively priced technology, tailor made to meet the requirements of the occupier. The company manages a total of 260,000 sq ft of office space across seven locations, with an average occupancy rate of over 90%.