This article is from the Australian Property Journal archive
FLEXIBLE workspace provider The Flexi Group is doubling its locations in both Singapore and Australia following key acquisitions and mergers.
The Flexi Group unified three leading brands in 2022, the Hive, The Cluster and Common Ground and now has 43 locations across 11 cities and eight counties, including Australia, Singapore, Malaysia, Hong Kong, Thailand, Philippines, Taiwan, and Vietnam.
In May last year, The Flexi Group’s Australian subsidiary, Hive Australia, entered a partnership agreement with Hirsch & Faigen, to become the anchor tenant to the latter’s $70 million office building in Melbourne’s inner east, which is due to for a June 2023 completion.
While in October 2021, Hive Australia signed a partnership agreement to occupy the three upper levels of the historic Milton House on Fitzroy Street, St Kilda.
With the two new locations, the Hive Abbotsford and the Hive Milton House, both set to open in mid-2023, to join the existing Hive Collingwood and Cluster CBD locations in the city.
The Flexi Group has been unique is its asset-light approach to its real estate strategy, partnering with landlords in joint ventures instead of leasing office space and taking on the significant obligations of a rental agreement.
The Flexi Group’s multi-brand approach targets multiple demographics and establishes the opportunity to work with landlords across a diverse range of asset classes with different pricing, building, location, and office size preferences.
In Singapore, the group acquired two former Found8 co-working locations, transforming the spaces into the Hive North Bridge Road and the Hive Tanjong Pagar and bringing the total footprint across Singapore to four.
“We see an incredible opportunity to expand our network both organically and through acquisitions in both Australia and Singapore, meeting the significant demand we’ve seen for the hybrid work model in both markets,” said Chris Edwards, CEO of The Flexi Group.
“Despite the economic headwinds, we are extremely bullish for the future of flexible working and looking forward to continued growth in the region.”
