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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.”
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.