Jolyon Ferrier recently opened a co-working space called Penthouse at St Vedast House on Prince of Wales Road. The 1,500 sq ft, two-storey space functions as a regular office, but instead of being occupied by a single company, it is open to individuals who pay a monthly subscription in exchange for a desk. The space was created after a long-term tenant vacated the building and Ferrier was left concerned about finding a new tenant due to low demand for office space. Instead of putting the space on the open rental market, he decided to repurpose it and tap into the market of remote workers.
The concept of Penthouse is a response to the evolving office market, as offices are closing down and people are in need of alternative workspaces. Ferrier noticed a need for such a space, not only for individuals, but also for small businesses looking for an alternative to long-term leases. He emphasized the cost-effectiveness of Penthouse, as business rates and utilities are included in the monthly subscription, which makes it a more affordable option compared to renting a full office. Additionally, the co-working space provides flexibility, as subscribers only have to give a month’s notice if they decide to leave.
Jolyon Ferrier’s inspiration for creating Penthouse stemmed from the changing office market and the need for workspaces outside of traditional office environments. With more people working remotely and offices closing down, there is a growing demand for alternative workspaces. Ferrier recognized this need and decided to convert the vacant space at St Vedast House into a co-working space to cater to individuals and small businesses. By repurposing the space for remote workers, Ferrier found a solution to low demand for traditional office space and created a more cost-effective and flexible option for those seeking an office environment.
Overall, Penthouse at St Vedast House offers a unique alternative to traditional office leases, providing individuals and small businesses with a cost-effective and flexible workspace. By repurposing the vacant space, Jolyon Ferrier tapped into the growing market of remote workers and addressed the need for affordable and adaptable office environments. The co-working space aims to cater to the evolving work habits and office market, providing a solution for individuals and businesses seeking a more suitable and modern office space.
