Workspace Group Secures Major Lease Expansion with Wild Cosmetics Amid Strong Lettings Momentum

Wild Cosmetics doubles footprint at Kennington Park with a five-year lease

Workspace Group PLC has signed a fresh five-year agreement with Wild Cosmetics, which will see the fast-growing brand expand into 14,000 sq. ft. at Kennington Park. Wild has been a Workspace customer since 2019, graduating from a 200 sq. ft. starter unit at China Works in Vauxhall to 7,500 sq. ft. in 2022, and now almost doubling again.

The deal is set at a net rent of £42 per sq. ft. and is expected to complete in October. The expansion follows Wild’s acquisition by Unilever and cements the company’s long-running relationship with Workspace’s flexible model.

What the lease tells us about demand and pricing

A 14,000 sq. ft. letting on a five-year term at a stated net rent signals healthy demand for larger, high-quality flexible space. The RNS does not specify incentives (for example, rent-free periods) or service charge, but the headline rent level and the commitment term are both encouraging data points for investors watching pricing resilience.

Importantly, this is an in-portfolio upsizing rather than a churn event. Retaining and expanding an existing customer reduces void risk and typically lowers leasing frictional costs.

Why Wild’s growth matters post-Unilever deal

Wild’s move comes “following its acquisition by Unilever”, which will catch investor attention. While Workspace does not comment on covenants, having a tenant backed by a major consumer group usually improves perceived credit quality. It also showcases Workspace’s core value proposition: customers can scale rapidly within the same campus as they grow.

Workspace HQ relocation to Camden aimed at lifting occupancy

To free up the space for Wild, Workspace is moving its head office from Kennington Park to The Centro Buildings in Camden. Management explicitly links this to improving occupancy and supporting leasing at Atelier House, part of the Centro site.

Atelier House is being refurbished into a small-studio format aimed at creators and innovators, opening early next year. Having the corporate team on site should enhance visibility, footfall and customer engagement, which often helps absorption when a newly refurbished building hits the market.

Kennington Park lettings momentum: two more large deals signed

Alongside Wild’s expansion, Workspace reports “positive momentum” on larger spaces at Kennington Park, with two further large lettings recently signed totalling nearly 16,000 sq. ft. The announcement names new customers Oliver’s Travel and Pinch Design.

This cluster of sizeable deals at a single campus is notable. Larger-unit leasing has been a watchpoint across the flexible and traditional office markets; evidence of traction at this scale supports the narrative that demand is alive for well-located, branded, amenity-rich space.

Why this RNS matters for Workspace investors

• Demonstrates scale-up elasticity: A customer journey from 200 sq. ft. to 14,000 sq. ft. validates Workspace’s model of offering “blank canvas” space with the ability to right-size over time.
• Signals pricing confidence: A published net rent of £42 per sq. ft. provides a useful pricing marker. While incentives are not disclosed, headline rates and a five-year term point to solid conditions.
• Campus strategy working: Multiple large lettings at Kennington Park suggest the campus approach is resonating with growth companies.
• Operational self-help: Relocating HQ to Camden is a pragmatic move that could lift occupancy and support the launch of Atelier House.
• Strategy alignment: Management reiterates its plan to “fix, accelerate and scale”, with a targeted push to fill larger vacancies. Today’s update is consistent with that execution focus.

Key numbers at a glance

Wild’s new lease size	14,000 sq. ft.
Previous Wild space	7,500 sq. ft. across two units (since 2022)
Initial Wild unit (2019)	200 sq. ft. at China Works, Vauxhall
Lease term	Five years
Net rent	£42 per sq. ft.
Move timing	October
Additional recent large lettings at Kennington Park	Nearly 16,000 sq. ft. (two lettings)
HQ relocation	From Kennington Park to The Centro Buildings, Camden
Atelier House	Refurbishing now; small-studio format opening early next year
Workspace platform (Notes to Editors)	4.3 million sq. ft. across 65 locations, c.4,000 customers

Context on customer mix and brand positioning

Workspace highlights that innovative and creative customers make up around 55% of its London customer base, and management says these typically outperform other SMEs on growth. Wild is positioned as a category disruptor, fitting the profile of customer that tends to scale quickly within the portfolio.

That dynamic is central to the Workspace proposition: own distinctive buildings, offer genuine lease flexibility, and retain customers as they grow and reshape their footprints.

What’s not disclosed (and what to watch)

• Incentives and economics: The RNS gives the net rent per sq. ft. but does not disclose any rent-free periods, fit-out contributions, or service charges.
• Capex and refurbishment spend: No figures are provided for the Atelier House refurbishment or any capex linked to the HQ move.
• Yield impact: There is no guidance on initial yields, ERV changes or valuation impacts at Kennington Park or Centro.
• Occupancy metrics: No updated portfolio occupancy percentage is given in this release.

Investors should look for future updates on leasing cadence across larger units, occupancy movements at Centro post-HQ move, and the take-up of Atelier House once it opens.

My take: constructive update with useful markers

This is a tidy, customer-led leasing win that ticks several boxes: it retains a scaling tenant, publishes a clear rent level, and is supported by additional large deals at the same campus. The HQ relocation is sensible portfolio management that could also catalyse leasing at Camden.

The tone is positive without overreaching. We do not get full economic detail, but the combination of a five-year term, clear sq. ft. numbers, and a stated net rent provides enough to conclude that demand for larger flexible units in quality London campuses is holding up. Execution on the broader “fix, accelerate and scale” strategy now comes down to continuing this momentum across the estate.