LONDON, UK: Workspace Group has exchanged contracts to acquire Stapleton House, also known as ‘The Old Dairy’, in Shoreditch, for a total of £43.38 million.
The property provides 57,000 sq. ft. of net lettable space adjacent to Workspace’s business centre, The Frames, which opened in 2017 following a major refurbishment project.
The Old Dairy is currently 80% let and is being acquired at a net initial yield of 4.9% and a capital value of £761 per sq. ft. The acquisition is being funded from existing facilities.
Graham Clemett, Chief Executive Officer of Workspace, commented: “The acquisition of The Old Dairy further strengthens our presence and broadens our offering in Shoreditch, one of the most popular areas for our customers. We see tremendous opportunity to generate long-term value by repositioning the property over time to our distinctive flexible model. I am confident that, together with The Frames, The Old Dairy will be a hub for Shoreditch’s dynamic SME scene for years to come.”
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 is a registered trademark of Workspace Group Plc, London, UK.
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24 Sep, 4:35 pm GMT+1 ·Disclaimer