Hello, Adriana, how are you?

 

Very well, thanks, David. How are you? 

 

I'm very good. I wanted to ask you, firstly, to describe exactly what you do. Could you describe it in terms of a project? What does Woven Spaces do?

 

In a nutshell, we're asset enhancement experts. We invest in our own assets, and we're increasingly working with other developers and investors to help them shape a vision for their assets. We are very passionate about working with existing buildings and finding ways to reimagine them, to make them dynamic and relevant for future use, whilst still connecting with their inherent character. And we find that, through this approach, we deliver buildings of distinction that stand out in the market and then can command a premium.

 

So how does that differ from what an architect, say, does in terms of enhancing assets? If an architect is brought in to redesign a space, how different is that? 

 

Well, we're doing this from a developer's perspective. So, my background is actually working in the built environment as a creative practitioner, and that has helped me to hone my curatorial and my commissioner's eye, but I also understand the essence of what it is to develop, because I've done that myself. So, what we do is we really help to shape a vision and a really good brief, because as a practitioner working in the sector, your brief is really a critical tool for you to start to engage meaningfully with the needs of your client, but also the opportunities of the project. And so, I believe that what we can offer at Woven Spaces is an understanding of how to shape that brief, vision and thinking to then allow an architect an even more meaningful engagement with the aspirations of the client, as well as the opportunity of the project. 

 

So, could you describe your approach via one of your projects, the Gaslight building, for example, in Fitzrovia, which is one of your schemes, isn't it? 

 

Yes, that's correct. That was a commercial development that we completed in 2019 and subsequently sold in 2022. With that asset, it was a very handsome Art Deco building that sat on half the footprint of the land. We created a scheme with two architects, dMFK, who created all of the external and internal volume, and then Bureau de Change Architects who helped to inform the internal architecture. As a client, we were there to obviously hold the development in its entirety, but also to really make sure that we captured a cohesive narrative and a vision for the building, which was about understanding its original character and this wonderful, robust Art Deco architecture, but also trying to amplify its volume without detracting from this original character. So, we weren't creating a pastiche. We were trying to reimagine and reconfigure this asset so that it could deliver a contemporary, dynamic commercial space. So, in that respect, we were looking at details and materials that we could use to add interest and character and distinction to the building. In my early career I worked as an artist in public spaces, and I was often brought in to create interactive sculptures for many developers in their assets. And so, I had the opportunity as a developer now to think about, well, how can I weave that cultural thinking into the fabric of the building as it's developed, rather than consider it perhaps at the end of the building, as an artistic response to that building. So, I feel like that's what we're able to do; we're able to weave that cultural and curatorial and design thinking as a client in from the beginning as we're shaping an articulation of the building's narrative and character and experience, because that's what I feel we're able to do, is unlock that soul value. 

 

And the proof of the pudding, if you like, with the Gaslight building, was that you increased the net lettable volume by some significant figure, didn't you? 

 

Yes, it was 75%. 

 

And also, the sales value. You lifted the sale value, right? 

 

Yes. It was completed in the pandemic, but we achieved a 25% premium on the market. And I really believe it's because of the quality of thinking that went into that asset right from the beginning.

 

I presume you've got your finger quite close to the pulse, as it were, so in testing the temperature of the market out there, how would you characterise it at the moment in commercial offices, as with this scheme?

 

I actually think at the moment it is showing strong leasing activity, with quite a lot within central London; that's all I can comment upon, because that's my experience currently. JLL has recently reported that even for large scale requirements, there's quite a lot of activity in demand, and prime rents have increased for the third consecutive quarter, which is obviously, as a developer, always very good. Because we work on predominantly, much smaller floor plates, we have seen that with a flexible office model, that market is really vibrant at the moment, and so we're very excited. Because the assets that we currently are looking at and we hold within Market Place, there's a lot of opportunity there, and there's a lot of interest there for a more Cat, A Plus flexible office offer in the market. And that's very exciting, because that plays to our strengths about shaping interesting, characterful spaces that are distinct. So, I think, you know, whenever there is uncertainty in the market, I really believe that leaning into distinction obviously helps to shore up your asset and its potential.

 

Now, the last time you appeared on NLA's website was when you were being interviewed at MIPIM, down in Cannes in Southern France. That was your first MIPIM. How was your experience of that show? How would you reflect on that, as an event?

 

I mean, notoriously, this year's MIPIM was absolutely sodden, with some quite impressive storms. So, I fear that may have dampened my experience a little bit, only because there were all these tantalising, lovely seafront opportunities for networking. But I fear the weather did not play ball. However, I found it a very energising, engaging experience. I met some very interesting people, with whom I'm now continuing various conversations, which is very exciting. But I found that, you know, the world at the moment is, as we all know, racked with uncertainty. But going to something like MIPIM, the mood was very positive, particularly around the UK, and what the UK could offer. And there was a sense of, 'Well, here's an opportunity, really, to bring in some new thinking,' and obviously that's very aligned with what we want to do. So, I found it a very positive experience. And I look forward to the next one – perhaps with a little more sunshine! 

 

Yes, well, we'll try and organise that. So final bucket question, 'Woven Spaces'. How did you come up with your name, and did you go through lots of thinking about what to call yourself?

 

I'm afraid it came quite quickly, mainly because we sit in this slightly grey space, which you alluded to at the beginning of our conversation; that we understand design thinking, we're very good at applying that within our own assets. We work collaboratively with lots of fantastic creative practitioners, architects, artists, craftsmen, engineers, to try and reimagine our assets. But we like to think of ourselves as sitting at the nexus of lots of different perspectives and disciplines, and what we're able to do is weave together all of these strands of thinking to create a kind of a rich tapestry of a place or an experience that is so much greater than the sum of its parts. So that's why 'Woven' came to us quite easily, because I feel it's what we do naturally, and it's an exciting place to be.

 

Thank you for explaining that and giving us a bit more of an insight into what you do. And happy weaving! (laughs)

 

Yes, thank you very much. (laughs)