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Copyright 2023 All Rights Reserved PMP | Registered Address: 115 George Street, Edinburgh, EH2 4JN | Registered Company Scotland SC395242. While this would make this years cost for the project team higher, they would be able to quickly eliminate costs associated with the team should that project ever be cut. Whether you need to meet face to face, dial in, log on or do it all at once. "We have loved working with Clockwise and Castleforge Partners to breathe new life into this beautiful heritage building," comments Linda Morey-Burrows, . We use cookies to ensure that we give you the best experience on our website. Located in the prime central business district, the 5,000-square-meter (53,820-square-foot) Martinistrasse building was acquired off market and is currently at 63 percent occupancy, presenting a repositioning opportunity for Castleforge. Real estate fund managers target net zero, New Forests seeks to raise A$600m for Australia and New Zealand fund, Japanese firms Mitsui, Nomura to buy global forestry manager New Forests, NYSCRF adds $425m to emerging manager programme, Alaska Permanent Fund to invest up to $360m in US multifamily projects. To read the digital edition of the latestIPE Real Assets magazineclickhere. Following the success of our flexible workspace provider Clockwise in locations across the UK, we are now looking forward to refurbishing the building and saying Willkommen to our first Clockwise members in Bremen., Castleforge Partners was advised on the acquisition by IC Immobilien Gruppe. What is a little less intuitive is that different sized occupiers value each of these two benefits to varying degrees. ESG: Dont forget physical climate risk for real estate, On the right path? Castleforge Partners has invested over 500 million of asset value in the UK since its formation in 2010. 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. London We are deeply committed to sustainability, and want to be at the forefront of providing environmentally and socially responsible workspaces that contribute to the well-being of all who use our spaces. Even considering these advantages, we are careful about where and how we use Clockwise to ensure each new location is designed and managed to achieve its full potential. As Castleforges sustainability strategy develops, we will work closely with them to align our approaches wherever possible. Since launching in 2017 we've made it our business to anticipate the needs of our members and their companies from day one. Mar 4, 2022 - Anonymous Employee. This localised approach is ideally suited to the current Covid-19 climate as more people move out of London and flexible working close to home becomes commonplace. Castleforge acquires Linley House. Since the referendum vote in mid-2016, we have maintained an analysis of the dynamics of supply and demand in select European cities, since we believed that some could one day become competitors for the universe of UK tenants who need to remain within the EU. 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. Be the first to find this review helpful. Castleforge said the site is currently at 67% occupancy, and . traditional leases over certain floors would look like. Castleforge | 2,514 followers on LinkedIn. The building will be fully refurbished to enable . Our latest Clockwise development to complete in central Bristol, providing over 500 desks of flexible workspace across 6 . We strive always to be at the forefront of change, developing in-house capabilities and a thoughtful view on the world that together create a sustainable competitive advantage. Lerche brings20 years of experience in the real estate sector, leading value-added asset management for a range of private equity and international institutional investors, and working closely with stakeholders to steer and reposition portfolios. 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. Secure income strategies: How secure is secure? 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. It was founded in 2010 by Brandon Hollihan and Michael Kovacs. Fun Promises Wont Get Your Employees Back To The Office, 5 Brain-Boosting Snacks To Power Your Work Day. Our team has a proven track record of investing throughout the capital structure and across asset classes, adding value with operational expertise. Castleforge Partners has invested . Castleforge forecasts that the 79,000 sq ft site, which is currently 64% occupied, and . The four sites together hold a gross development value of over 175 million. 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. It captures our four key goals Climate Change, Circular Economy, Health & Wellbeing and Socio-Economic Impact and details a roadmap for achieving them. Its truly flexible approach and varied membership packages has attracted a client mix of entrepreneurs, start-ups, scale-ups and established businesses from a cross section of sectors. To achieve this vision, we have created a framework to guide our actions. Clockwises owners, Castleforge Partners, has appointed Evora, a leading sustainability consultant, to help develop and implement a sustainability strategy framework for their business and investment portfolio. This attention to detail dovetails with the services that PMP provided to deliver Clockwise Commercial Quay for Castleforge Partners. Support new businesses to thrive and create positive socio-economic impact in our local communities. Clockwise offers a variety of flexible spaces to suit. In 2007 Tonstate Hotels bought the hotel with a funding package from Bank of Scotland Corporate in a deal believed to be in the region of 30m. Edward Pavilion is a Grade 1 listed building based on a UNESCO World Heritage site with a mix of open-plan floor space and serviced offices operated by Clockwise. 42-46 Princelet Street Our vision is for a future in which every work environment and experience has a positive impact for people, places and the planet. 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. This first iteration of our Positive Impact Strategy details our pledge for the future and as our business grows, so will our approach. Castleforge Announces New Partners. Hawkins\Brown. Status: Complete. MESSAGE. Business Outlook. It has occurred to us that planning risk, Whilst there may be an affordability crisis in relation to the price of housing for sale, there is not the same crisis in relation to rental prices, particularly outside of London. To receive priority invites and tips on how to communicate purpose please add your email. Architects Cartwright Pickard will oversee the repurposing on behalf of Castleforge Partners, a UK-based private real estate investor. Log in first (top right of the screen) or take a trial. We strive always to be at the forefront of change, developing in-house capabilities and a thoughtful view on the world that together create a sustainable competitive advantage. Equally importantly, the velocity of leasing was materially improved as a result of the Cat B turnkey fitout as the switching costs for potential tenants to come into Waterloo Street were significantly lowered. #castleforgepartners #england #GDV #offices Shared by Brandon Hollihan Enjoyed talking to Sky News. Sign up to our weekly round-up of plastic free stories. Online travel agencies (OTAs) allowed buyers to sort thousands of competing products and compare prices. Many have the same number of employees that they did a few years ago, and even if they are growing, it is not at an exponential pace. Fora 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. Lerchesappointment follows Castleforges recentacquisition of its first office building in Germany, in the historic old town of Bremen. Castleforge Partners has acquired four offices across England worth a GDV of more than 175m. Cons. Castleforge Partners has acquired its first office building in Germany, in the historic old town of Bremen. We invest in real estate located in and around select UK and European cities. 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. 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. We expect to continue the strategy of providing a turnkey solution, and we are finding that were not the only ones. Most Popular Yorkshire workplace introduces four-day working week with same pay - but staff. A truly flexible approach and varied membership packages has attracted a client mix of entrepreneurs, start-ups, scale-ups and established businesses from a cross section of sectors. Property investment firm Castleforge has acquired a large corporate office building in the centre of Manchester. Very hierarchical company structure and limited work life balance. This implies that achievable yields on cost are higher in certain markets in continental Europe. Help? M2 1DH, We use cookies to provide you with a great experience and to help our site run effectively. Ambient Scenting Makes Sense For Coworking Management. Founded in 2010, we are a leading UK-based private real estate investor that combines research-led investment themes with vertical integration and in-house operating platforms. Should You Put Your Job On AI-Pilot Mode? 100% FREE. Approach; Culture; Impact; Insights; Contact; Investor Login We zero in on the details, so our members can zoom out to the big picture. Latest fund raise exceeds the235m raised by thepredecessor CFP II fund in July 2016, Tritax Big Box REIT sells three non-core UK logistics warehouses for 125m, Fundraising details for Carlyle Europe Realty are currently unknown, EQT Infrastructure VI to buy 68% stake fromSK Square andMacquarie forKRW2trn, Partnership will initially focus on developing two onshore wind projects with a combined 500MW capacity, GICs equity is part ofEDPs plan to invest 21bn into renewables by 2026, Copyright 19972023 IPE International Publishers Limited, Registered in England, Reg No. Castleforge Partners has acquired four UK sites for a 175m (192m) office development. Clockwise's owners, Castleforge Partners, has appointed Evora, a leading sustainability consultant, to help develop and implement a sustainability strategy framework for their business and investment portfolio. Since launching in 2017 weve made it our business to anticipate the needs of our members and their companies from day one. Moving forward, for many companies flexibility is going to be key when it comes to office space leases. The Clockwise Positive Impact Strategy 2021 is based on our biggest environmental impacts, our values, and our opportunity to influence. Data 70,000sq.ft. Lower commitment - from monthly rolling contracts, All inclusive one fee covers everything, Spaces designed for collaboration, opportunity to connect with members, Longer commitment - leases lasting an average of three years, Running costs and utilities paid separately, multiple suppliers and management required, Independent working with little-to-no shared space. 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. InSection 1, we sketch, Economic historians tell us that the Black Death helped birth the domestic silk industry in Europe. What Does a Serviced Office Correction Look Like? D&B office fit out of Castleforge Partners, Clockwise after completing the CAT A refurbishment of River House, the largest city centre commercial refurbishment development in Belfast. 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). 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. Clockwise Commercial Quay embraces many unique features into the CAT B refurbishment. We have recently opened our second Clockwise location in Belfast and will open our third location in Liverpool in Q1 2019, which both comprise a combination of Clockwise serviced office and traditional space to lease on longer terms. At the heart of Southampton's Business District, this prominent office building boasts occupiers such as Savills, Mott MacDonald, Norweigen Cruise Line Group, Benefex, Hays, Clockwise, Rubix Business System, VOA, Health Care Resourcing Group and Ocean Network Express. The whole team is involved from the outset, and the process incorporates a holistic approach to sourcing investments, which leverages our local knowledge and extensive connections. Castleforge Partners' flexible workspace provider Clockwise will operate part of the building which is 67% occupied. 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. As such, our goals will be underpinned by: Help tackle the climate emergency by creating carbon neutral workspaces across the UK, becoming a carbon positive business by 2030. 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. A Returning Opportunity in the London Office Market? Jenny Emslie, founder and managing director at Sunshine Communications, said: "Commercial Quay is an ideal fit for us. To find out more, read our cookie policy. Recommend. Again, back at Savoy weve recently signed a 25-desk lease at Clockwise on a month-to-month basis with a major blue chip corporation. Located in the prime central business district, the 5,000 sqm Martinistrasse building was acquired off market and is currently at 63 percent occupancy, presenting a repositioning opportunity for Castleforge. 75% Of Business Leaders Lack Data Needed For Crucial CRE Decisions. 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. Lower commitment - from monthly rolling contracts, All inclusive one fee covers everything, Spaces designed for collaboration, opportunity to connect with members, Longer commitment - leases lasting an average of three years, Running costs and utilities paid separately, multiple suppliers and management required, Independent working with little-to-no shared space, Independent mavericks, start-ups, scale-ups and steady ships, Established businesses, satellite offices, scale-ups and start-ups, Large companies who need to bring their people together. Reducing the Carbon Footprint of New Developments. Our views about that transformation are structured around a broader narrative about the evolution of information and communications (ICT) technologies. Fora Rachael Pittaway is a director at Castleforge Partners, the real estate investment firm behind Clockwise Offices. Through our flexible workspace provider Clockwise, we are very well positioned to offer this type of bespoke service to our members.. Flexible workspace provider Clockwise will manage the four new sites, located in secondary cities across England. A party of leading commercial property agents have come to Liverpool to see what the city offers to potential occupiers. Examples include skill-specific educational courses that team members are welcomed to take, our internal library filled with books (albeit many of which are still in pristine i.e., unread condition) or our, Within our discussion of serviced offices, its important to separate the product offering from the business model. For more information visit www.castleforgepartners.com. Interview: Stefan Mchler, Swiss Life Asset Managers, Top 150 Real Estate Investment Managers 2022, Top 100 Infrastructure Investors 2022: Survey, Castleforge raises 270m for third value-add real estate fund, Brookfield and Copley recapitalise UK logistics portfolio sold by Tritax, Indiana PRS supports new Carlyle Europe fund with $75m commitment, EQT to buy South Korean security operator SK Shieldus, CIP and Viviid partner to develop 1.8GW renewable energy projects in India, Singapores GIC to invest 1bn in EDP Renovaveis. From modest beginnings in Glasgow, we currently operate a number of locations up and down the UK with many more openings in the pipeline. Embarking on a new partnership with Castleforge Partners, Sharkey has been appointed to undertake the 3m reconfiguration of the Category A listed Commercial Quay, Leith into Edinburgh's latest shared workspace by Clockwise. We invest in real estate located in and around select UK and European cities. As each of these services were delivered by PMP, decisions and actions were achieved in a timely manner which in turn allowed the development of the brief and the construction phase to complete efficiently in terms of cost and programme, even during the Covid-19 pandemic and national lockdown. Company status U.K. Planning System Pitfalls and Opportunities. Castleforge Partners, based in London, has acquired an office building in the town of Bremen, which it says is an "ideal" location for its first German acquisition. PMP enabled this through our multi disciplinary services working collaboratively with the design team and the client. 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. November 4, 2021 | 7:03 AM. Undertake carbon footprint analysis of our business operations, Take action to become a certified carbon neutral business in 2022, Buildings designed to be net zero operational carbon by 2025, Work towards being a carbon positive business by 2030, Continue to refurbish and add value to run-down buildings, Measure and report on our waste generation and recycling, Design spaces that are adaptable and use sustainable materials, Seek to maximise reuse and recycling of any waste, Significantly reduce the use of single-use plastics, Trial the WELL Building Standard on one of our new offices, Provide bike storage, showers and lockers, Provide healthy and sustainably sourced catering, Provide access to health and wellbeing support services for colleagues and members, Investigate options to support businesses in their infancy, Seek to procure products and services from local, independent and sustainable businesses, Employ a diverse workforce and provide employment opportunities, Support our colleagues to volunteer their time on meaningful initiatives. Mountbatten House, home to Clockwise Southampton, is a new, flexible co-working space designed to encourage members to interact, network and socialise. 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. We engage with local communities around our assets. Castleforge Partners has acquired four UK sites for a 175m (192m) office development. Since 2000, construction costs have outstripped inflation by nearly two times. workclockwise.co.uk. Property investment firm Castleforge Partners has acquired four major office spaces across England, in Leeds, Manchester, Exeter and Southampton. This year we opened our first building in London, Wood Green with a second planned in Bromley. LONDON, June 29, 2022--Castleforge, a vertically integrated, operationally focused private equity real estate manager targeting the UK and select European cities, today announced that Adam MacLeod . Why should property investors consider Leith? Moving forward, for many companies flexibility is going to be key when it comes to office space leases. This focus on cheap as a byword for value, The last time Mike visited New York (before Covid-19, of course), he decided to stop somewhere he hadnt been in 15 years: the New York Public Library. A lot had changed since his last visit there. For Media Enquiries, please contact: castleforge@higginsonstrategy.com +44 (0)786 605 1626. However, we learned that many of these tenants immensely value the convenience of serviced office space that is already fitted out. Further launches for 2021 include Manchester, Exeter, Bristol and Southampton, as well as the opening of our first space in mainland Europe, Clockwise Brussels. The off-market transaction was arranged by Eastdill Secured. Castleforge Partners Fund Native Currency GBP Fund Manager's Location The Heals Building 22-24 Torrington Place London WC1E 7HJ England, United Kingdom +44 020 0000 0000 Fund Domiciles United Kingdom: Guernsey Castleforge Partners Fund III Investment Strategy Investments by Industry Investments by Deal Type Want detailed data on 3M+ companies? Clockwise provides well-designed, contemporary private offices, shared workspaces and meeting rooms with a focus on attention to detail. 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. We offer high-quality affordable multi-family housing. Brandon Hollihan, Founding Partner of Castleforge Partners said: We are thrilled to welcome Christian during this exciting period of growth for Castleforge. Clockwise provides contemporary private offices, shared workspace and meeting rooms with flexible membership plans in key business locations. 20-strong delegation from Property Agents Independent attended launch of 70,000 sq ft office scheme at Edward Pavilion in Liverpool's historic Royal Albert Dock. We use cookies on the site to improve your experience. Developer Castleforge Partners is this week offering 70,000 sq ft of office space in Liverpool's Royal Albert Dock. CastleForge Partners. And as he walked into the buildingthen named after the man who the last, A recurring theme when we here at Castleforge attempt to prognosticate over the central London office investment market is that it is very hard to predict the trajectory of cap rates. The 5,000 sq m Martinistrasse building is currently at 63 per cent occupancy, and was acquired in an off market deal. Higginson Strategy organises a number of exclusive events for clients and friends over the course of the calendar year. Will Influencers Be The New Recruiters In The Future Of Work? Website. 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. Compare this to our latest discussion on a turnkey half floor in the same building at 27 per square foot with virtually no rent abatements on a three-year lease, so still about 27 per square foot net effective, resulting in a 50%+ gain on net effective rent. 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.'. PMP provided complete property investment solutions for Castleforge through Project Management, Contract Administration, Principal Designer and Cost Management services. I look forward to bringing my experience to the firm during this important time to support further growth of the business., Sign up to our weekly round-up of plastic free stories. We are thrilled to be contributing to these vibrant professional communities in every corner of the country. The biggest challenge presented was that the existing M&E and legacy issues were not compliant with current regulations, resulting in exploratory works and a complete strip out of the service installations. 3 Steps To Build A Three-Dimensional Hybrid Workplace, Peter Miscovich JLL Global Future Of Work Leader | The Hybrid Workplace Evolution: Unlocking The Future Of Work, AI Is Transforming The Future Of Industrial Work, Reimagining Offices for Hybrid Work: Frameable.com CEO on the Future of Virtual Offices. CEO Approval. You consent to our cookies if you continue to use this website. Through focusing on Clockwise we have made a number of observations that we would not have seen without this experience, and we felt it would be valuable to share some of these with you. For the London, Given the substantial attention dedicated to a market update at our recent Annual Meeting, we thought that rather than a letter about the market, it would be more interesting to put together a one-off discussion piece focused on the U.K. planning system. 2022 Allwork.Space l Exploring the FUTURE OF WORK since 2003. We recognise that we need to advance our sustainability maturity and put a series of key enablers in place. Affordable housing Europe: Should investors be part of the solution? 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. Flexible workspace provider Clockwise will manage the sites to "deliver a positive experience for occupants and attractive returns for its investors". How Africas Economy will Harness Digital Tech in the Future of Work, Flexible Work and Investment in ESG are Driving Profitability for this Global Brand. With 20 years of experience in the German real estate market, Christians knowledge of the sector will become invaluable to us as we continue to evolve and manage our commercial portfolio across Europe., Commenting on his new role, Christian Lerche added: Castleforges deep understanding of the commercial real estate market makes it uniquely placed for further expansion across Europe and specifically Germany. 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. Virna Asara Editor Profile Events To date, Castleforge Partners have invested over 500 million of asset value throughout . A couple weeks ago,, As we have discussed in previous letters, over the past 20 years the UK property industry has seen a substantial rise in construction costs, which has lead to a large and sustained increase in the replacement cost of buildings. EMAIL. Landlord Castleforge Partners bought the development in Edinburgh's popular Leith shore area late last year. 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 . A completely new M&E system was designed and the installation had to compliment the old building but provide modern energy efficiencies and meet current standards. The article stated that Londons occupiers have vacated the greatest amount of, History never repeats itself exactly, but we often experience echoes of history where the characters are the same, even if the actors change. It plans to use its flexible workspace provider Clockwise to deliver a positive experience for occupants as well as attractive returns for its investors. 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.