Workspace has bought Charles House a 76,000 sf in Southall, West London; the 32,000-sf Seedbed Centre in Romford, East London and Aladdin Workspace, a 46,000 sq. ft converted single-storey factory in Greenford, Middlesex. The properties provide in total 180 units of accommodation and are 94.8% let. They currently produce a total rental income of £1.5 million ($2.4 million), showing an overall net initial return of 9.61%.
Workspace Chief Executive Harry Platt said: "Our acquisition programme continues to gather momentum. All three properties offer the scope to improve returns under our style of active management. They are all well located and fit with our existing holdings. We are keen to create clusters of Workspace properties where we can offer a wide range of space to small businesses."
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