27th Nov 2019 10:27
(Alliance News) - Workspace Group PLC said Wednesday it has agreed the exchange of contracts for the disposal of its Quality Court offices, in central London, for a total of GBP15.8 million.
The sale is at a premium of 3% to the building's September 30 valuation, with a net initial yield of 4.3% and a capital value of GBP930 per square foot.
The Grade II listed building, off Chancery Lane, holds 17,000 square feet of net lettable space over five floors.
"We are pleased to have made this sale of a small office building at a premium to book value, providing capital to recycle into our project pipeline and new acquisitions," said Chief Executive Graham Clemett.
Workspace did not say who the buyer was.
Shares in Workspace were 0.6% higher in London on Wednesday at 1,098.00 pence each.
By Paul McGowan; [email protected]
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