16th Jul 2014 08:39
LONDON (Alliance News) - Real estate investment trust Workspace Group PLC Wednesday said it has made a good start to the financial year, with growth in pricing and rent roll as strong demand for its space continues across London.
In an interim management statement for the period April 1 to June 30, the company, which provides office, industrial and studio space for small businesses, said total rental roll increased to GBP61.0 million at June 30 from GBP58.3 million at March 31. Like-for-like rent roll rose 3.3% to GBP41.1 million from GBP39.8 million at March 31.
Overall, like-for-like occupancy rose to 90.6% from 90.0% at the end of March.
At an operating level, the company secured planning permission for the second phase of a mixed-use redevelopment at The Filaments in Wandsworth, London. In addition, Workspace entered into agreements with residential developers for a mixed-use redevelopment at the Faircharm and the second phase of Bow Enterprise Park, both in London.
During the period, the company acquired Vestry Street Studios in east London from an unnamed vendor for GBP12.6 million.
Workspace shares were quoted up 1.6% at 600.00 pence Tuesday morning.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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