Orega expands Flex Space at M&G’s award winning The Capitol Building in Aberdeen

16/06/2023
The Capitol Building in Aberdeen

OREGA, the flexible workspace provider, is expanding its high spec flexible workspace at The Capitol Building, 431 Union Street, Aberdeen AB11. Orega originally signed a Management Agreement with landlords M&G Real Estate for 10,000 sq feet but given its success in filling this space, it has now embarked on a second phase, taking a further 5,000 sq ft which has now been launched.

The flexible workspace has been newly refurbished to provide a total of 276 workstations on the first and fourth floors of the building for companies between 1 and 100+ employees.

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The Capitol Building is home to high end office space located in a city centre location with an attractive Art Deco grand entrance and reception area. There are breathtaking citywide views.  It is near to the shops, hotels, and restaurants of Central Aberdeen and only a 10-minute walk from Aberdeen Railway station and 20 minutes from Aberdeen Airport.

Funded by M&G Real Estate, the former theatre hall was comprehensively refurbished and extended in 2016 by Knight Real Estate and was subsequently recognised as City Regeneration Project of the Year in 2018 by the Scottish Property Awards, celebrating the positive impact on the city. It also won the British Council of Offices best commercial workspace in Scotland award in 2017.

The listed façade and 1920s entrance halls were retained and incorporated into the new building, which has been awarded a BREEAM ‘Very Good’ rating for its exceptional green credentials. These include an automatic building management system for energy efficiency control and the provision of internal bike racks and changing facilities to encourage green commuting.

Orega’s new workspace is designed to be a modern, flexible base catering for Aberdeen’s oil, professional and financial businesses, offering:

•           Design-led space focusing on hospitality.

•           A wide choice of different working zones

•           A large meeting room suite

•           More space per person than the industry norm

•           On-site shower and changing facilities.

•           Unlimited barista-quality coffee

•           Secure bike parking

•           Carparking

It is the third flexible workspace for Orega in Scotland, where the company also offers space in George Street and Vincent Street in Glasgow. The company now offers flex space from 23 locations across the UK and is the UK’s leading provider of flexible workspace under Management Agreements (as opposed to leases).

Lynsey O’Keefe Chief Operating Officer at Orega, commented: “Orega already had a strong presence in Aberdeen; we opened Phase 1 of The Capitol Building 100% occupied and this has led to us taking additional space.  We are attracting much interest from a wide range of businesses who are increasingly looking for a flexible way to occupy very high-quality space that is also value for money, in support of the return to the office to work.  This is a trend which shows no sign of abating in Scotland, as in the rest of the UK.

John Duxbury, Head of UK Portfolio Asset Management at M&G Real Estate, added: “Through our refurbishment of The Capitol Building we have created much-needed Grade A, sustainability-led office space in Aberdeen that has led to new leases with Orega and Ryden in recent months. Our work at The Capitol Building continues our strategy of developing assets of scale in prime locations where we are able to enhance the built environment by delivering buildings with best-in-class ESG credentials that attract leading occupiers, enabling us the potential to deliver compelling returns for our investors.”

M&G Real Estate is part of M&G plc’s £76.6 billion private assets and alternatives division*.

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