Business landlord Workspace sells five London buildings for £64m

Kasmira Jefford
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Workspace has recently completed office schemes including Grand Union Studios in Ladbroke Grove (Source: Workspace)

Small business landlord Workspace has sold off five industrial buildings across London for £64m as it looks to raise cash to invest back into new schemes.

The FTSE 250-listed group, which owns and manages 80 properties let to 4,000 growing companies, said the industrial estates had an average rent of £9.07 per sq ft and were sold at a premium of 12 per cent to their September 2015 valuation.

The deal comes after it sold three industrial buildings in Park Royal in December for £7m and another in Leytonstone for £23m in October.

Chief executive, Jamie Hopkins, said: “We are delighted to have exchanged contracts to sell this portfolio at a significant premium to book value. As we continue to see strong demand from new and growing companies for our high quality space, this disposal reinforces our strategy of recycling capital into acquiring and refurbishing business centres to meet that demand, adding value for both our customers and shareholders.”

Workspace has made £101m of acquisitions in the year to date include three in the last quarter in Haringey, Surrey Quays and Wandsworth. It has also recently completed three business centres in Vauxhall, Southbank and Ladbroke Grove, delivering an extra 161,000 sq ft of space.

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