Workspace in Pounds 20M Spending Spree

LONDON-Workspace has completed two acquisitions, one disposal and has won a significant planning consent at another property, as part of its policy of refocusing its portfolio of multi-let properties aimed at small businesses in London and the South East.

On the South Bank, London SE1, Workspace has completed the £16.025 million ($25 million) purchase of the Enterprise House complex from Shaftesbury. The property at 59/65 Upper Ground; 1 and 2 Hatfields and 52/54 Stamford Street, provides nearly 70,000 sf commercial space close to the OXO Tower complex. It Produces just under £1.3 million ($2 million) per annum, with 12,500 sf vacant, Showing an initial yield of 7.2% which could rise on new lettings to 10%.

In Farnborough, Hampshire, Workspace has bought the Farnborough Business Centre from Eagle Star for £3.8 million ($6 million), representing a net initial yield of 8.2% which should rise to 9.1% by 2004. The property comprises 16 small business units totalling 24,370 sf.

And at Three Mills, Stratford, London E3, Workspace has now completed an agreement with the London Borough of Newham for the its development of 47 live/work units on vacant land in a joint venture with Copthorn Homes, asubsidiary of Countryside Properties.

Chief Executive Harry Platt said: “Acquisitions such as this and Farnborough mark a further step in progress tomeet the Group’s strategy of doubling the portfolio over five years,strengthening our position as the leading supplier of space in London and theSouth East for the SME sector.”