Last checked at 30 Aug 2017 07:00
30 August 2017
WORKSPACE GROUP PLC
WORKSPACE ANNOUNCES DISPOSAL OF ZENNOR ROAD INDUSTRIAL ESTATE
Workspace Group PLC ('Workspace') is pleased to announce the exchange of contracts for the disposal of Zennor Road Industrial Estate in Balham, SW12, for £30m.
This three-acre industrial estate totals 67,000 sq. ft. of net lettable space with an average rent per sq. ft. of £13.90. The property was sold at a premium of 84% (£13.7m) to the 31 March 2017 valuation of £16.3m, at a net initial yield of 2.9%.
Jamie Hopkins, Chief Executive Officer of Workspace, commented:
"Zennor Road is the last of our industrial estates earmarked for sale and our portfolio is now entirely focused on business centres and properties which represent refurbishment or redevelopment opportunities. This disposal has been completed at a significant premium to book value and the proceeds will be reinvested into our extensive project pipeline and targeted acquisition opportunities that will deliver value to shareholders."
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For media and investor enquiries, please contact:
Workspace Group PLC 020 7138 3300
Clare Dundas
Edelman 020 3047 2546
John Kiely
Mav Wynn
Rob Yates
Notes to Editors
About Workspace Group PLC:
Workspace is geared towards helping businesses perform at their very best. The Workspace
Advantage is our unique customer offer and is open to all - we provide inspiring, flexible work
spaces with super-fast technology in dynamic London locations. Established in 1987, and
listed on the London Stock Exchange since 1993, Workspace owns and manages more than
3.6 million sq. ft. of business space across 68 London properties. We are home to some 4,000
businesses including some of London's fastest growing brands, as well as more established companies, across a wide range of sectors.
The way businesses work is changing. That's why we are continually investing in a tailored technology platform that enables our customers to work how and where they want.
Workspace (WKP) is a FTSE 250 listed Real Estate Investment Trust and a member of the
European Public Real Estate Association.
For more information on Workspace, please visit www.workspace.co.uk