Workspace Group has announced results for the year ended 31 March 2014. Over the year its EPRA net asset value rose by 43% to £4.96 and they raised the total dividend for the year by 10% to 10.63p .
The rise in the net asset value was driven by a 27% increase in the valuation of their property. Overall the return on property was 34.7% – more than double the 13.4% return on the IPD UK Property index. About 44% of the revaluation uplift came from redevelopments and refurbishments and much of the redevelopment uplift came from securing residential planning consents on buildings they own – £31m from the Biscuit Factory in SE16 alone.
Occupancy was not much changed on the year – up from 89.8% to 90.0% but rents rose – like for like up 8.5% and this pushed the rent they generate per square foot up from £14.08 to £15.28 on like for like properties (excluding those they are refurbishing).