Workspace disposes vacant property for £92 million

Workspace disposes vacant property for £92 million

LONDON, UK: Workspace Group announced the exchange of contracts for the disposal of 13-17 Fitzroy Street in Fitzrovia, for a total of £92 million.

The sale of the vacant property is at a discount of 3.2% to the 31 March 2021 valuation and a capital value of £993 per sq. ft.

The property currently provides 92,700 sq. ft. of net lettable space over lower ground, ground and six upper floors. It was acquired in 2017 and was fully let to Arup until June 2021, providing £4.9 million of net rental income a year.

Graham Clemett, Chief Executive Officer of Workspace, commented: “Fitzroy Street has been a useful and secure source of income over the last four years. With Arup vacating as expected in June this year, now is the right time to sell this asset and recycle the capital into the other exciting project and acquisition opportunities we have ahead of us, which we believe will generate superior value for shareholders.”

Established in 1987, and listed on the London Stock Exchange since 1993, Workspace owns and manages some 4 million sq. ft. of business space in London. We are home to London’s brightest businesses, including fast growing and established brands across a wide range of sectors.

Workspace is geared towards helping businesses perform at their very best. We provide inspiring, flexible work spaces in dynamic London locations.

Workspace (WKP) is a FTSE 250 listed Real Estate Investment Trust (REIT) and a member of the European Public Real Estate Association (EPRA).

Workspace Group plc share price

869.00 GBX0.00 (0.00%)today

20 Sep, 5:08 pm GMT+1 ·Disclaimer

www.workspace.co.uk

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