Shoreditch House, the London private members’ club, is constructing a co-working space called “Housework” to rival the likes of WeWork.
Sources told Business Insider that construction is currently underway on the fourth floor of Shoreditch’s Tea Building, which is next door to Shoreditch House.
A Shoreditch House member who asked not to be named told Business Insider: “[Soho House & Co. CEO] Nick Jones’ ambitions for world domination continue apace. The incessant — but tantalising — drilling in the Tea Building suggests something massive is going on.”
It is understood Shoreditch House is planning to rent out desk space to members, but also beyond — hence the brand name “Housework,” to encourage non-members to work in the building.
A Soho House & Co. spokeswoman declined to comment for this article.
Housework and Shoreditch House are in the east of London, situated right by Shoreditch High Street Overground station, and just north of London’s Liverpool Street Underground and mainline train station.
It will be close to a number of competitor co-working spaces in the area, including Google’s Campus London, WeWork in Bishopsgate, Central Work Shoreditch, TechHub Shoreditch, Regus London in the Broadgate Tower, and Second Home.
This summer, WeWork launched the largest startup space in the UK, with a new building in Moorgate, not far from Housework. The Moorgate office at 1 Fore Street is able to accommodate up to 3,000 members, making it one of the largest in the world, according to TechWorld.
Soho House is currently seeking to raise £200 million ($US305 million) to repay existing debt and fund its expansion. However, the private members’ club had to pull a planned high-yield bond in September after investors baulked at the company’s high leverage and limited free cashflow, Reuters reported.