Leading office provider Workspace has sold a three-property London portfolio for the significant sum of £51.85 million.
The properties – which offer a combined space of 106,000 sq ft – are all prestigious sites located in the North London area: Belgravia Workshops, N19, The Ivories, N1, and Spectrum House, NW5.
The portfolio was sold at a premium of 23.2% (£9.75m) to its 31 March 2018 valuation – a net initial yield of 4.0% and capital value of £488 per sq ft – and Workspace hopes that this significant acquisition of funds will help the firm continue on its impressive trajectory.
The company’s chief executive, Jamie Hopkins, explains: “The sale of these three small properties is in line with the continued repositioning of our portfolio. This disposal has been made at a premium to book value and will provide us with further capital to recycle into our extensive refurbishment project pipeline and new acquisitions where we can generate superior value for shareholders.”
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