Regus Soho Estates to offer co-working space in Old Compton Street
Developer Soho Estates is expanding into the co-working sector with a deal that allows 58 Old Compton Street, central London to be rented out to entrepreneurs. The company will charge low rents as the building is awaiting redevelopment in about six years' time. The value of Soho Estates's portfolio increased by nearly 30% to £915.9m for the 12 months to 31 March, thanks to £66m of acquisitions and a favourable revaluation of its portfolio. Profits increased to £182.6m from £83.2m.

T he property empire built up by the late porn baron Paul Raymond on Thursday unveiled plans to enter the trendy co-working offices market, after profits surged.

Developer Soho Estates has agreed a deal that will allow space at 58 Old Compton Street to be used by budding entrepreneurs. They will pay low rents ahead of the building being redeveloped in around six years’ time.

Boss John James, Raymond’s son-in-law, said: “This will be our first creative hive with shared office space that can be let to London’s fashion, media and tech start-ups at discount rates. We want to support entrepreneurs, particularly as Brexit negotiations get under way.”

The 8500 square feet will be let to entrepreneur Nick Hartwright for a new shared workspace project.

It will be let to him at around £25 per square foot. Typical office rents in Soho are closer to £70 per square foot.

West End redevelopments helped boost the value of the property empire by nearly 40% to £915.9 million in the year to March 31.

Profits jumped to £182.6 million from £83.2 million.

"King of Soho” Raymond died in 2008, leaving a chunk of the estate to granddaughters Fawn and India.

He had amassed swathes of London real estate using profits from magazines such as Razzle. Soho Estates today owns flats, shops, offices and bars.