Last checked at 4 Oct 2019 07:00
04 October 2019
WORKSPACE GROUP PLC
WORKSPACE® ANNOUNCES DISPOSAL OF PROPERTY IN FARRINGDON
Workspace Group PLC ('Workspace') is pleased to announce the exchange of contracts for the disposal of 12-13 and 14 Greville Street ('Greville Street') in Farringdon for a total of £14.75m. The sale of the property is at a premium of 47.5% (£4.75m) to the 31 March 2019 valuation, a net initial yield of 1.3% and a capital value of £1,000 per sq ft.
In June 2018 planning consent was obtained for a refurbishment project to deliver 23,000 sq. ft. of new and upgraded space. The premium to book value achieved on the sale exceeds the return anticipated from this planned refurbishment.
Graham Clemett, Chief Executive Officer of Workspace, commented:
"We are delighted with the premium achieved on this disposal, well ahead of the return we could have achieved from our planned redevelopment. The proceeds will be used to fund our project pipeline and acquisitions."
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For media and investor enquiries, please contact:
Workspace Group PLC 020 7138 3300
Emily Meara
Edelman 020 3047 2546
Rob Yates
Notes to Editors
About Workspace Group PLC:
Established in 1987, and listed on the London Stock Exchange since 1993, Workspace owns and manages 4.0 million sq. ft. of business space in London. We are home to thousands of businesses including some of London's fastest growing and established brands across a wide range of sectors.
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.
The way businesses work is changing. That's why we continually invest in our buildings and their technology infrastructure to enable our customers to think and move fast, with an approach tailored to each individual business.
Workspace (WKP) is a FTSE 250 listed Real Estate Investment Trust and a member of the European Public Real Estate Association.
Workspace® is a registered trade mark of Workspace Group Plc, London, UK.
For more information on Workspace, please visit www.workspace.co.uk