21st Sep 2021 09:59
(Alliance News) - Workspace Group PLC on Tuesday said it sold its 13-17 Fitzroy Street property, near London's West End, at a discount to its last valuation.
The London-based flexible office space provider sold the 92,700 square foot property for GBP92 million at a capital value of GBP993 per square foot. The company said this values the space down 3.2% from its last valuation on March 31.
Workspace acquired 13-17 Fitzroy Street in 2017. It was fully let to architecture and design firm Arup Ltd until June this year and provided GBP4.9 million of net rental income annually, but it has been vacant since June.
"Fitzroy Street has been a useful and secure source of income over the last four years," said Chief Executive Graham Clemett.
"With Arup vacating as expected in June this year, now is the right time to sell this asset and recycle the capital into the other exciting project and acquisition opportunities we have ahead of us, which we believe will generate superior value for shareholders."
Workspace in July reported that it had received on average 947 enquiries per month in the quarter to June 30, almost double year-on-year. Lettings per month averaged 125 in the same period, surging from 43.
Shares were up 0.9% at 876.50 pence in London on Tuesday.
By Josie O'Brien; [email protected]
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