Workspace Group (LON:WKP) today announced the exchange of contracts for the disposal of 12-13 and 14 Greville Street in Farringdon for a total of £14.75m. The sale of the property is at a premium of 47.5% (£4.75m) to the 31 March 2019 valuation, a net initial yield of 1.3% and a capital value of £1,000 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 Group, 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.”
