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LONDON-Workspace Group has completed two deals woth £21 million ($36 million) as it fine-tunes its portfolio of small business units in London. It ahs bought the Atlas Business Centre at Staples Corner in London NW2 while selling a property at Kingsland Viaduct in Hackney, London E1.

Workspace has paid the Ashtenne Industrial Fund Limited Partnership £12.6 million ($21 million) for the Atlas Business Centre, a 155,000-sf freehold industrial estate at Staples Corner, London NW2. A two-storey office block is operated as a serviced office centre, with an estate of small industrial warehousing units to the rear. The 108 tenancies currently produce a net rental income of £1.13 million ($1.9 million) per annum at an average rent of £8.37 ($14.23) per sf.

At the same time Workspace has also sold its leasehold interests in Kingsland Viaduct—a mile long length of railway arches in Hackney–to London Underground for £8.25 million ($14 million). London Underground needs the site for the for the proposed extension to the East London Line.

Workspace Chief Executive Harry Platt said: “Atlas is an important acquisition for the Group. It fits our criteriaperfectly and it will complement our existing properties in Bounds Green andPark Royal. The Group is now able to offer a range of flexible, affordableaccommodation along the North Circular Road. The sale of Kingsland Viaduct scheme frees London Underground to pursue the commissioning of the East London Line Extension and provides an appropriate exit for Workspace. We intend to reinvest the proceeds in further property assets in London.”

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