13th Nov 2006 13:00
Workspace Group PLC13 November 2006 WORKSPACE SELLS PARK AVENUE INDUSTRIAL ESTATE, LUTON AND MAKES THREE NEW ACQUISTIONS Workspace Group PLC ("Workspace"), the leading provider of flexible businessaccommodation to small and medium sized enterprises in London, today announcesfurther progress in the disposal of non core assets and the reinvestment of saleproceeds within the Greater London area. Acquisitions T Marchant Trading Estate, Bermondsey, London SE16 An inner London industrial estate of 51,000 sq ft, which produces £300,500pawith 20% void. The estate has been acquired for £6.05m representing an initialyield of 5.0%, which is expected to improve to 7% on full occupancy at currentERV's. Site area is 2. 08 acres. Spectrum House, Gordon House Road, London NW5 A multi let 22 unit business centre of 48,100 sq ft in Kentish Town whichproduces £544,400 pa on 92% occupancy acquired for £8.85m. The initial yield is6.2% off low passing rents The Seven Sisters, Seven Sisters Road, N15 This is a modern office scheme totalling 20,300 sq ft in 7 self-containedbuildings opposite the Seven Sisters tube station in Tottenham. The propertycurrently generates £188,800 pa with 14% vacant, generating a yield of 5.9% onpurchase price of £3.2m. All three acquisitions were made for a cash consideration. Disposals Park Avenue Industrial Estate, Luton. Acquired in 1997 for £5.6m, Workspace has sold this substantial industrialestate totalling 203,000 sq ft, to Insight for £12.1m. Harry Platt, Workspace Chief Executive commented, " We are pleased with these deals, which represent further progress in ourstrategy of selling assets outside of London and reinvesting the proceeds withinour core market in the Greater London area. The Luton estate has made usefulreturns for shareholders, but we believe that London offers better prospects forrental and capital value growth. I am confident that the three new acquisitionswill respond well to our style of intensive management, as well as offering longterm development potential." -ends- Date: 13 November 2006 For further information contact: Workspace Group PLC cityPROFILEHarry Platt, Chief Executive Simon CourtenayMark Taylor, Finance Director 020-7448-3244020-7247-7614e-mail: [email protected]: www.workspacegroup.co.uk This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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