12th Feb 2007 07:01
Workspace Group PLC12 February 2007 WORKSPACE INVESTS £30m IN TWO MORE CENTRAL LONDON ACQUISITIONS Workspace Group PLC ("Workspace"), the leading provider of flexible businessaccommodation to small and medium sized enterprises in London, today announcestwo further acquisitions. Exmouth House, Pine Street, Clerkenwell EC1 This is an attractive, four storey small unit office scheme with frontage to thebusy Exmouth market. The building totals 52,242sq ft in 21 units and produces arental income of £953,000pa, yielding 5.2% on the purchase price of £18.1m. Thebuilding is let to mostly media related tenants, with 5% void. The building has excellent growth potential in an improving part of centralLondon, and compliments other properties owned by Workspace nearby atClerkenwell Close and Bowling Green Lane. Avro House and Hewlett House, Havelock Terrace, SW8 Situated just off Battersea Park Road, close to Battersea Power Station, thesebuildings have been acquired from the London Borough of Wandsworth. The propertyconsists of two buildings separated by a central service yard, providing smallunit workspace and offices on ground and two upper floors. Purpose built by thelocal authority in the early 1970's, the scheme totals 58,038sq ft in 52 unitsand currently produces £418,000pa, with 25% vacant. The purchase price is£10.025m, to show an initial yield of 4.2%, with potential for improvement to7.5% by increasing occupancy and rents. Harry Platt, Chief Executive of Workspace commented, "We are delighted to have made two further substantial acquisitions, in what isstill a very competitive market. Both properties meet the needs of London'ssmall business community in locations with excellent growth potential. Both of these properties compliment our existing buildings nearby and followsour strategy to improve the range of accomodation that we can offer customers inthese locations. We remain optimistic about prospects for London and will continue to makeacquisitions where we believe our business model will add value." -ends- Date: 12 February 2007 For further information: Workspace Group PLC cityPROFILEHarry Platt, Chief Executive Simon CourtenayMark Taylor, Finance Director 020-7448-3244020-7247-7614web: www.workspacegroup.co.uk This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Workspace