# Workspace announces disposal of property in Farringdon

- Link: https://www.directorstalkinterviews.com/workspace-announces-disposal-of-property-in-farringdon/412794576
- Published: 2019-10-04T07:12:39+01:00
- Author: Amilia Stone

**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.”

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