Workspace acquires warehouse in North London

2nd May 2014 07:18

Workspace Group, the London-based provider of office space, has purchased Vestry Street Studios in North London, a traditional Shoreditch warehouse covering 23,000 square foot (sq ft).The £12.55m acquisition was carried out at a net initial yield of 4.1%, off a low average rent of £23 per sq ft, where the group said it sees "significant potential" to drive rental growth. The property is 100% let. Chief Executive Officer Jamie Hopkins said: "We continue to see considerable demand from the businesses that cluster around Old Street roundabout, and Vestry Street Studios is perfectly located to benefit from this hotbed of activity. "This acquisition continues our strategy of expanding our portfolio in areas where we can leverage our operational platform to capture the significant customer demand for our flexible and innovative business space. We will continue to execute transactions that we believe will provide strong, long-term shareholder returns in these key areas of London."NR