22nd Jan 2015 08:02
LONDON (Alliance News) - Office space provider Workspace Group PLC Thursday said its rent roll rose 5.1% over the course of the third quarter of its financial year, whilst like-for-like occupancy of its buildings also rose.
The company, which Wednesday bought two new London buildings to add to its office space portfolio, said its total rent roll was up GBP3.1 million to GBP64.4 million in its fiscal third quarter to December 31, while rent roll for the first nine months of the financial year was up GBP6.1 million, or 10.5% from the start of the period.
Its like-for-like rent roll rose to GBP44.7 million over the third quarter, an increase of GBP2.6 million or 6.2%, meaning it was up GBP5.2 million or 13.2% compared with where it stood on March 31. Rent per square foot was up to GBP17.76, up 4.5% over the quarter, and up 11.9% over the nine months.
Like-for-like occupancy stood at 92.6% at the end of the quarter, up from 90.6% at the end of September, and 91.4% at the end of March, it said.
"This was another good quarter of rental growth, with continued strong demand for space at our properties from a diverse range of new and growing companies across London," Chief Executive Jamie Hopkins said.
"In addition we continue to advance our planned refurbishment and redevelopment projects which will provide a significant amount of new and upgraded space for our customers and create further value for our shareholders," he added.
The company said it has completed refurbishment projects at Metal Box Factory, SE1 and Bounds Green, N11, delivering 122,000 square foot of new and upgraded space in London. It has bought three new properties in total so far this year financial year, paying a total of GBP61 million. It bought a building on Fleet Street last November, and buildings on the South bank and in Midtown London this month.
By Steve McGrath; [email protected]; @stevemcgrath1
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