Workspace Group PLC WORKSPACE(R) ANNOUNCES ACQUISITION OF BUSWORKS (6031S)
17 November 2021 - 06:00PM
UK Regulatory
TIDMWKP
RNS Number : 6031S
Workspace Group PLC
17 November 2021
17 November 2021
WORKSPACE GROUP PLC
WORKSPACE (R) ANNOUNCES ACQUISITION OF
HISTORIC BUSWORKS BUILDING IN ISLINGTON
Workspace Group PLC ('Workspace'), London's leading provider of
flexible office space, is pleased to announce that it has acquired
The Busworks, in Islington, for a total of GBP45m. This off-market
acquisition is being funded from existing facilities.
A former Victorian bus factory with a rich history dating back
to 1888, the property provides 104,000 sq. ft. of net lettable
space across two conjoined warehouse buildings on 1.6 acres. It is
currently operated as a multi-let business centre with customers on
licences. The property is 65% let and is being acquired at a net
income yield of 3.4% and a capital value of GBP431 per sq. ft.
Workspace intends to upgrade the building and reposition the
offering towards its distinctive, flexible model over time, as the
Group looks to continue expanding its footprint across the
Capital.
Graham Clemett, Chief Executive Officer of Workspace,
commented:
"The Busworks is an iconic property in a great location, just
north of King's Cross. It has a fantastic heritage and the
potential to become a flagship building for us in North London, an
attractive area for SMEs looking for high quality space close to
good transport links. We're excited by the opportunity to breathe
new life into these historic buildings in line with our sustainable
growth model."
- 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 The Busworks:
The Busworks site dates back to 1888, when the London General
Omnibus Company took a lease on the land to construct a production
line factory to build and repair horse-drawn omnibuses. At the
beginning of the 20(th) century, as horse-drawn buses were being
phased out, the famous 'B' Type open-topped motor bus was designed
at The Busworks and prototypes were built on site. The Busworks
continued to be used as a repair depot for buses until the
1950s.
Beginning in 1979, the site was converted into office space for
small businesses and today The Busworks caters to more than 100
SMEs. The site includes a Theatre, Pleasance London, and a pub, The
Depot.
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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