Soho Estates joins co-working offices revolution

The 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.