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The Workspace Group is a real estate investment trust, established in 1987, who let office, industrial and workshop spaces to small and young businesses who want flexibility from their leases. The company owns several freeholds and leases across London, and was valued at £1.7 billion as of March 2016, with a net rental income that increased 6.9% in 2017 to £79.2 million.
Workspace have revealed plans to open an additional 1 million sq ft of new office space by 2020, with a focus on areas of high demand in central London boroughs. To help finance the project, they are planning to sell assets such as their three residential schemes – Lombard House in Croydon, Wandsworth, and Southall, where they hope to raise £20 million.
Eugene O’Sullivan, Director and Surveyor at Morgan Pryce, says; “Ten years ago, flexible office space and serviced offices were seen as overflow or a last resort. The model has rapidly evolved to capture a market of its own, as companies want flexibility and a modern, creative working environment. It is a fantastic time to enter the market, and I am sure the demand will be there for Workspace’s new 1 million sq ft, especially given the current economic and political climate, which is creating an awful lot of uncertainties.”
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.