Workspace Group PLC DISPOSAL OF 13-17 FITZROY STREET (3630M)
21 September 2021 - 03:59PM
UK Regulatory
TIDMWKP
RNS Number : 3630M
Workspace Group PLC
21 September 2021
21 September 2021
WORKSPACE GROUP PLC
WORKSPACE (R) ANNOUNCES DISPOSAL OF 13-17 FITZROY STREET
Workspace Group PLC ('Workspace') is pleased to announce the
exchange of contracts for the disposal of 13-17 Fitzroy Street in
Fitzrovia, for a total of GBP92m. The sale of the vacant property
is at a discount of 3.2% to the 31 March 2021 valuation and a
capital value of GBP993 per sq. ft.
The property currently provides 92,700 sq. ft. of net lettable
space over lower ground, ground and six upper floors. It was
acquired in 2017 and was fully let to Arup until June 2021,
providing GBP4.9m of net rental income a year.
Graham Clemett, Chief Executive Officer of Workspace,
commented:
"Fitzroy Street has been a useful and secure source of income
over the last four years. With Arup vacating as expected in June
this year, now is the right time to sell this asset and recycle the
capital into the other exciting project and acquisition
opportunities we have ahead of us, which we believe will generate
superior value for shareholders."
- ENDS -
For media and investor enquiries, please contact:
Workspace Group PLC
Clare Marland, Head of Corporate Communications 020 7138
3300
Finsbury Glover Hering
Guy Lamming 020 7251 3801
Chris Ryall
Notes to Editors
About Workspace Group PLC:
Established in 1987, and listed on the London Stock Exchange
since 1993, Workspace owns and manages some 4 million sq. ft. of
business space in London. We are home to London's brightest
businesses, including fast growing and established brands across a
wide range of sectors. Workspace is geared towards helping
businesses perform at their very best. We provide inspiring,
flexible work spaces in dynamic London locations.
Workspace (WKP) is a FTSE 250 listed Real Estate Investment
Trust (REIT) and a member of the European Public Real Estate
Association (EPRA).
Workspace(R) is a registered trademark of Workspace Group Plc,
London, UK.
LEI: 2138003GUZRFIN3UT430
For more information on Workspace, please visit
www.workspace.co.uk
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END
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