Workspace acquires London property for £29.7m

10th Nov 2014 08:01

Workspace Group has acquired a seven-storey London property for £29.7m, it announced on Monday.The site, located at 160 Fleet Street, was bought from administrators acting for The National Asset Management Agency (NAMA). The property was previously owned and operated by the Business Environment Group.It includes a new reception, gym, breakout areas and a dedicated suite of meeting rooms. It has a net internal area of 54,000 square foot, including a banking hall let to NatWest Bank until 2023.The property is being acquired with an overall occupancy of 48% at a net initial yield of 3.7% and at a capital value of £549 per square foot. Chief Executive Jamie Hopkins said: "This acquisition continues the growth of our presence in midtown, a key location for our customers."We are seeing significant customer demand, from our direct marketing capabilities and relationships with customers, for exactly this sort of space in this area. The size and configuration of the building is ideally suited to our operational model and future strategy. The acquisition marks its fourth over the last year. "We will continue to execute transactions that we believe will provide strong, long-term shareholder returns in these key areas of London," it added.