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Workspace books chunky profit on Farringdon sale

Workspace books chunky profit on Farringdon sale – Workspace Group says that it has exchanged contracts for the disposal of 12-13 and 14 Greville Street in Farringdon for a total of GBP14.75m.

The sale of the property is at a premium of 47.5% (GBP4.75m) to the 31 March 2019 valuation, a net initial yield of 1.3% and a capital value of GBP1,000 per sq ft.

In June 2018 planning consent was obtained for a refurbishment project to deliver 23,000 sq. ft. of new and upgraded space. The premium to book value achieved on the sale exceeds the return anticipated from this planned refurbishment.

Graham Clemett, chief executive officer of Workspace, commented: “We are delighted with the premium achieved on this disposal, well ahead of the return we could have achieved from our planned redevelopment. The proceeds will be used to fund our project pipeline and acquisitions.

[Farringdon is being transformed as its Queen Elizabeth Line (Crossrail) station nears completion and the Museum of London prepares to occupy a section of Smithfield Market fronting Farringdon Road. Greville Street runs into Cowcross Street, the location of the new station. Once complete, Farringdon will offer direct train services to most major airports around London plus fast access to the West End and the City.]

WKP : Workspace books chunky profit on Farringdon sale

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