24th Jan 2014 07:52
LONDON (Alliance News) - Workspace Group PLC Friday said like-for-like rent roll increased 1.8% in the third quarter while total rent roll has increased 7.6% to GBP56.7 million in the nine months since March 31, 2013.
In an interim management statement for the period October 1, 2013 to December 31, 2013 the commercial property provider said like-for like roll increased to GBP46.5 million during the period.
Rent roll at completed refurbishments increased to GBP6.0 million from GBP4.0 million in the nine months since March 31, 2013.
Overall, the firm said overall occupancy has increased to 87.1% in December from 86.8% in September, while like-for-like occupancy dipped to 90.7% from 90.9% in the same period.
Workspace said enquiry levels and letting activity remain high, despite normal seasonal slowdown in activity seen in December. There was a slight dip for the quarter ended December 31, 2013 in terms of enquiries, with an average of 917, compared with an average of 1,010 enquires for the quarter ended September 30, 2013.
Average lettings per month averaged 80 for the quarter ended December 2013, down from an average of 84 per month for the quarter ended September 2013.
In November 2013 Verulam House on Gray's Inn Road, WC1 was acquired for GBP8.1 million, at a net initial yield of 4.3% off an average rent of GBP26 per square feet. The office building offers 42,000 square feet of net lettable space.
During the period, Workspace also sold Pensbury Industrial Estate, SW8, London, a non-core asset, in November 2013 for GBP4.5 million at a net initial yield of 4.3%.
More recently, the firm completed the sale of a car park at Lombard House, Croydon for GBP1.2 million, a surplus of GBP0.2 million to the September and March 2013 valuations, having obtained planning permission for a residential scheme of 21 units.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
Copyright © 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Workspace