23rd Oct 2015 06:26
LONDON (Alliance News) - Workspace Group PLC Friday said it has exchanged contracts for two acquisitions totalling GBP24.4 million.
The real estate investment trust said it is buying Alexandra House in Wood Green for GBP14.0 million and Cannon Wharf in Surrey Quays for GBP10.4 million.
Alexandra House is a 55,000 square foot office building, currently let to the London Borough of Haringey at a low passing rent of GBP10 per square foot reflecting a capital value of GBP255 per square foot and a net initial yield of 3.7%. A rent review is due in February 2016 and the lease expires in 2021.
Cannon Wharf is a brand new 33,500 square foot business centre, with a capital value of GBP310 per square foot. It forms part of the Greenland Place development by Barratt Homes.
"We are delighted to announce these two acquisitions, which are both in very exciting areas of London with excellent regeneration and growth opportunities. Both Wood Green and Surrey Quays are areas we know well and in which we are seeing high demand from new and growing companies," Jamie Hopkins said in a statement.
"The purchase of these two properties demonstrates our ongoing commitment to investing in targeted acquisitions where we can add value to our portfolio and drive returns for shareholders," he added.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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