Workspace Group, flexible office space provider, has acquired The Busworks, in Islington, for a total of £45m.
The off-market acquisition is being funded from existing facilities. A former Victorian bus factory, the property provides 104,000 sq ft of net lettable space across two conjoined warehouse buildings on 1.6 acres.
It is currently operated as a multi-let business centre with customers on licences. The property is 65% let and is being acquired at a net income yield of 3.4% and a capital value of £431 per sq ft.
Workspace said that it intends to upgrade the building and reposition the offering towards its distinctive, flexible model over time, as the group looks to continue expanding its footprint across the London.
Graham Clemett, chief executive of Workspace, said: “The Busworks is an iconic property in a great location, just north of King’s Cross. It has a fantastic heritage and the potential to become a flagship building for us in North London, an attractive area for SMEs looking for high quality space close to good transport links. We’re excited by the opportunity to breathe new life into these historic buildings in line with our sustainable growth model.”
WKP : Workspace in for £45m Islington office