Argyll has started a £10 million refurbishment of 33 Chancery Lane in central London's Midtown, creating 23,000 square feet of premium flexible workspace across six floors. The scheme follows the serviced office provider's first acquisition in nearly 20 years and tests how an investor-backed operator will expand its prime London portfolio.

Argyll bought the building for £11 million last November, its first activity since being acquired by Crosstree Real Estate Partners in May 2025. Argyll operates 25 premium serviced offices in London, ten of them owned directly, and the Crosstree deal was understood to be worth around £330 million.

Crosstree is a London-based private investment firm whose portfolio spans offices, retail, leisure, hotels and residential developments.

Constructed in 1874, 33 Chancery Lane has a French Gothic facade and was once home to the London Mechanics' Institute, which later became Birkbeck College. The design keeps that heritage visible through exposed metalwork and simple, high-end finishes, with each office fitted with Bene desks and Walter Knoll chairs.

After the works the building will offer 52 private offices ranging from two to 10 desks. The ground and lower-ground floors will provide a customer lounge and kitchen, breakout areas, private call booths and meeting rooms, while an outdoor terrace, shower rooms, bike storage, tea points on each floor and a multi-purpose quiet room complete the amenity mix.

The refurbishment is due to complete in early 2027, with the first customers moving in from February.

The structural driver is an investor-backed buy-and-refurbish growth model, in which an older small-floorplate building is acquired and fitted out to a premium flexible specification for small working groups.

"We continue to see strong demand from businesses looking for more than simply a well-located office. They want beautifully designed spaces that reflect their brand, provide an inspiring working environment for their teams and offer the flexibility to evolve with them," said Emily Smith, chief executive of Argyll.

"Increasingly, businesses want their workplace to be an extension of their brand and values, and every detail at 33 Chancery Lane has been carefully considered to deliver that sense of quality and identity," said Emma Turner, interior design lead for the building.

For the sector, the scheme shows heritage office stock being fitted out for small teams that want character and flexibility in a prime location.

Source: Property Week / Estates Gazette / IPE Real Assets