Workspace Share News (WKP)

(Alliance News) - Workspace Group PLC on Thursday said customer demand remained strong as occupancy was broadly stable in the third quarter.

The London-based flexible workspace provider said like for like occupancy was 89.2% at December 31, down 0.4% from 89.6% at September 30. However, Workspace said occupancy in recently completed projects was 79.5% in the third quarter, up by 2.8%.

The company noted that like-for-like rent per square foot was GBP39.56 at December 31, up by 2.5% from GBP38.59 at September 30.

Workspace added that it completed 330 new lettings in the third quarter, worth GBP8.8 million per year in rental value.

Chief Executive Officer Graham Clemett said: "We saw resilient demand for our distinctive flexible offer in the third quarter and a strong start to the fourth quarter with a good conversion of enquiries to lettings. Building on the momentum from the first half of the year the high level of customer demand has enabled us to move pricing further forward, although it still remains below pre-Covid level."

"We are making good progress on our project pipeline and alongside this we expect to complete on a number of our planned disposals during the fourth quarter to further improve our already robust financial position."

The company said it is progressing with the sale of the residential component of its Wandsworth Riverside property scheme for GBP55 million.

Workspace has also gained planning permission for a 366 unit residential development in Woking, and has also submitted planning applications for the refurbishment of its Busworks property in Islington and for a project to build a business centre at Havelock Terrace in Battersea.

Workspace shares were up 0.8% trading at 497.60 pence per share on Thursday morning in London.

By Harvey Dorset, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.